EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 3 – EARNINGS PER SHARE

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

Diluted earnings 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 elements of basic and diluted earnings (loss) per common share:

	Three months ended				Nine months ended
	September 30,				September 30,
	2012		2011		2012			2011
Numerator:
For basic and diluted earnings (loss) per common share:
Income from continuing operations	$	3,556,000	$	561,000	$	5,083,000		$	1,868,000
Income (loss) from discontinued operations		11,000		667,000		(14,000	)		639,000
Net income for basic and diluted earnings per common share	$	3,567,000	$	1,228,000	$	5,069,000		$	2,507,000
Denominator:
For basic earnings per share - weighted average common shares outstanding		3,662,000		3,615,000		3,632,000			3,615,000
Dilutive securities (1)		142,000		108,000		95,000			86,000
For diluted earnings per share -  weighted average common shares outstanding		3,804,000		3,723,000		3,727,000			3,701,000

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

At September 30, 2012 and 2011 and during the nine-month periods ended September 30, 2012 and 2011, 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 per share. The weighted average antidilutive stock options outstanding were as follows:

	Three months ended				Nine months ended
	September 30,				September 30,
	2012		2011		2012		2011
Weighted average antidilutive stock options outstanding		230,000		340,000		421,000		421,000