NOTE 11 - EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 11 – EARNINGS PER SHARE

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 214,302 and 254,785 shares of common stock were not considered in computing diluted earnings per common share for the three months ended March 31, 2013 and 2011 respectively, because they were anti-dilutive.

	March 31,
	2013		2012
Calculation of basic earnings per share:
Numerator - net income	$	1,261	$	480
Denominator -
Weighted average common shares outstanding		6,835		6,834
Basic earnings per share	$	0.18	$	0.07

Calculation of diluted earnings per share:
Numerator - net income	$	1,261	$	480
Denominator -
Weighted average common shares outstanding		6,835		6,834
Dilutive effect of outstanding options		10		—
Weighted average common shares outstanding and common stock equivalents		6,845		6,834
Diluted earnings per share	$	0.18	$	0.07