NOTE 10 - EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Text Block]

NOTE 10 – EARNINGS PER SHARE (Restated)

Basic earnings per share (“EPS”), which excludes dilution, is computed by dividing income or loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, result in the issuance of common stock which shares in the earnings of the Company. The treasury stock method has been applied to determine the dilutive effect of stock options in computing diluted EPS. Stock options for 249,164 and 184,947 shares of common stock were not considered in computing diluted earnings per common share for the three and nine months ended September 30, 2012 and 2011, respectively, because they were anti-dilutive.

(In thousands except per share data)	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
	(Restated)				(Restated)
Calculation of basic earnings per share:
Numerator - net income (2012 Restated)	$	4,004	$	1,320	$	5,745	$	2,238
Denominator -
Weighted average common shares outstanding		6,835		6,833		6,834		6,833
Basic earnings per share (2012 Restated)	$	0.59	$	0.19	$	0.84	$	0.33
Calculation of diluted earnings per share:
Numerator - net income (2012 Restated)	$	4,004	$	1,320	$	5,745	$	2,238
Denominator -
Weighted average common shares outstanding		6,835		6,833		6,834		6,833
Dilutive effect of outstanding options		1		—		1		—
Weighted average common shares outstanding and common stock equivalents		6,836		6,833		6,835		6,833
Diluted earnings per share (2012 Restated)	$	0.59	$	0.19	$	0.84	$	0.33