INCOME TAXES

6 Months Ended

Jun. 30, 2011

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

     Income tax expense/(benefit) for the six months ended June 30, 2011 and June 30, 2010 on pretax income/(loss) of $422 and $(660) totaled $10 and $(397), respectively.   The provision for federal income taxes is calculated by applying the 34% statutory federal income tax rate and increasing or reducing this amount due to any tax-exempt interest, state income tax (net of federal benefit), business credits, surtax exemption, tax preferences, alternative minimum tax calculations, or other factors.  A summary of income tax components and a reconciliation of income taxes to the federal statutory rate are included in fiscal year-end reports on Form 10-K.

     The Company accounts for income taxes in accordance with FASB ASC 740 “Income Taxes.”