EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2013

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
	March 31,
	2013			2012
Net Income	$	1,718,391		$	1,105,253
Less: dividends paid and accrued on preferred stock		(50,000	)		(50,000	)
Net income available to common shareholders	$	1,668,391		$	1,055,253
Average number of common shares outstanding		3,053,204			3,037,380
Effect of dilutive options		21,283			8,939
Average number of shares used to calculate diluted earnings per share		3,074,487			3,046,319