(LOSS) EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2013

(LOSS) EARNINGS PER SHARE [Abstract]

(LOSS) EARNINGS PER SHARE

2.   (LOSS) EARNINGS PER SHARE

The Company utilizes the two-class method to report its (loss) earnings per share.  The two-class method is a (loss) earnings allocation formula that determines (loss) earnings per share for each class of common stock according to dividends declared and participation rights in undistributed (loss) earnings.  The Company's Certificate of Incorporation, as amended, states that Class B common shares are entitled to dividends at least 5% greater than dividends paid to Class A common shares, resulting in the two-class method of computing (loss) earnings per share.  In computing (loss) earnings per share, the Company has allocated dividends declared to Class A and Class B based on amounts actually declared for each class of stock and 5% more of the undistributed (loss) earnings have been allocated to Class B shares than to the Class A shares on a per share basis.  Basic (loss) earnings per common share are computed by dividing net (loss) earnings by the weighted average number of common shares outstanding during the period.  Diluted (loss) earnings per common share, for each class of common stock, are computed by dividing net (loss) earnings by the weighted average number of common shares and potential common shares outstanding during the period. There were no potential common shares outstanding during the three months ended March 31, 2013 or 2012 which would have had a dilutive effect on earnings per share.

The (loss) earnings and weighted-average shares outstanding used in the computation of basic and diluted (loss) earnings per share are as follows (dollars in thousands, except share and per share data):

	Three Months Ended
	March 31,
	2013			2012
Numerator:
Net (loss) earnings	$	(553	)	$	876
Less Dividends:
Class A		130			130
Class B		632			675
Undistributed (loss) earnings	$	(1,315	)	$	71
Undistributed (loss) earnings allocation - basic and diluted:
Class A undistributed (loss) earnings	$	(241	)	$	13
Class B undistributed (loss) earnings		(1,074	)		58
Total undistributed (loss) earnings	$	(1,315	)	$	71
Net (loss) earnings allocation - basic and diluted:
Class A allocated (loss) earnings	$	(111	)	$	143
Class B allocated (loss) earnings		(442	)		733
Net (loss) earnings	$	(553	)	$	876
Denominator:
Weighted-average shares outstanding:
Class A common share - basic and diluted		2,174,912			2,174,912
Class B common share - basic and diluted		9,221,104			9,631,805
(Loss) earnings per share:
Class A common share - basic and diluted	$	(0.05	)	$	0.07
Class B common share - basic and diluted	$	(0.05	)	$	0.08