EARNINGS PER COMMON SHARE (EPS) (Tables)

6 Months Ended

Jun. 30, 2013

EARNINGS PER COMMON SHARE (EPS) [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2013	2012	2013	2012
Net Income	$          1,585,449	$          941,152	$        3,303,840	$       2,046,405
Less: dividends paid and accrued on preferred stock	(50,000)	(50,000)	(100,000)	(100,000)
Net income available to common shareholders	$          1,535,449	$          891,152	$        3,203,840	$       1,946,405
Average number of common shares outstanding	3,000,389	3,045,979	3,026,651	3,041,679
Effect of dilutive options	23,379	24,786	22,597	14,841
Average number of shares used to calculate diluted EPS	3,023,768	3,070,765	3,049,248	3,056,520