NOTE 12 - EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 12 – 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 255,285 shares of common stock were not considered in computing diluted earnings per common share for the three months ended June 30, 2013 and 2012 respectively, because they were anti-dilutive. Stock options for 214,302 and 256,285 shares of common stock were not considered in computing diluted earnings per common share for the six months ended June 30, 2013 and 2012 respectively, because they were anti-dilutive.

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Calculation of basic earnings per share:
Numerator - net income	$	894	$	1,261	$	2,155	$	1,741
Denominator -
Weighted average common shares outstanding		6,835		6,834		6,835		6,834
Basic earnings per share	$	0.13	$	0.18	$	0.32	$	0.25
Calculation of diluted earnings per share:
Numerator - net income	$	894	$	1,261	$	2,155	$	1,741
Denominator -
Weighted average common shares outstanding		6,835		6,834		6,835		6,834
Dilutive effect of outstanding options		18		—		15		—
Weighted average common shares outstanding and common stock equivalents		6,853		6,834		6,850		6,834
Diluted earnings per share	$	0.13	$	0.18	$	0.31	$	0.25