EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

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 per common share:

	Three months ended				Six months ended
	June 30,				June 30,
	2013			2012	2013		2012
Numerator for basic and diluted earnings per common share:
Net income	$	875,000	$	796,000	$	1,496,000	$	1,502,000
Denominator:
For basic earnings per share - weighted average common     shares outstanding		3,683,000		3,617,000		3,678,000		3,616,000
Dilutive securities (1)		206,000		80,000		197,000		71,000
For diluted earnings per share - weighted average common     shares outstanding		3,889,000		3,697,000		3,875,000		3,687,000

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

At June 30, 2013 and 2012 and during the six-month periods ended June 30, 2013 and 2012, 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				Six months ended
	June 30,				June 30,
	2013		2012		2013		2012
Weighted average antidilutive stock options outstanding		185,000		451,000		207,000		517,000