EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 3 — EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per common share is based only on the average number of shares of common stock outstanding for the periods. Diluted earnings (loss) per common share reflect the effect of shares of common stock issuable upon the exercise of options, unless the effect on earnings is antidilutive.

Diluted earnings (loss) per common share is computed using the treasury stock method. Under this method, the aggregate number of shares of common stock outstanding reflects the assumed use of proceeds from the hypothetical exercise of any outstanding options to purchase shares of the Company’s Class A Common Stock. The average market value for the period is used as the assumed purchase price.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:

	Three months ended					Six months ended
	June 30,					June 30,
	2011			2010		2011			2010
Numerator:
For basic and diluted earnings (loss) per common share:
Earnings (loss) from continuing operations	$	828,000		$	269,000	$	1,307,000		$	(438,000	)
Earnings (loss) from discontinued operations		(11,000	)		379,000		(28,000	)		387,000
Net income (loss) for basic and diluted earnings per share	$	817,000		$	648,000	$	1,279,000		$	(51,000	)
Denominator:
For basic earnings (loss) per share weighted average common shares outstanding		3,615,000			3,615,000		3,615,000			3,615,000
Dilutive securities(1)		88,000			—		75,000			—
Denominator for diluted earnings (loss) per share weighted average common shares outstanding		3,703,000			3,615,000		3,690,000			3,615,000

(1)     Dilutive securities consist of “in the money options”.

At June 30, 2011 and 2010 and during the three and six-month periods ended June 30, 2011 and 2010, there were outstanding stock options whose exercise prices were higher than the average market values of the underlying Class A Common Stock for the period. These options are antidilutive and are excluded from the computation of earnings (loss) per share. The weighted average antidilutive stock options outstanding were as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010
Weighted average antidilutive stock options outstanding		410,000		515,000		462,000		515,000