EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Basic and diluted earnings per share have been computed based on weighted-average common and common equivalent shares outstanding as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Net Income	$	1,472,941		$	1,206,459		$	3,519,346		$	2,667,752
Less: Dividends payable on preferred stock		(50,000	)		(197,912	)		(150,000	)		(621,377	)
Net income available to common shareholders	$	1,422,941		$	1,008,547		$	3,369,346		$	2,046,375
Average number of common shares outstanding		3,044,556			3,015,275			3,042,645			3,016,493
Effect of dilutive options		8,693			37,693			13,026			38,356
Average number of shares used to calculate diluted earnings per share		3,053,249			3,052,968			3,055,671			3,054,849