EARNINGS PER COMMON SHARE (EPS) (Tables)

9 Months Ended

Sep. 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		Nine Months Ended
	September 30,		September 30,
	2013	2012	2013	2012
Net Income	$          1,702,841	$        1,472,941	$        5,006,681	$       3,519,346
Less: dividends paid and accrued on preferred stock	(50,000)	(50,000)	(150,000)	(150,000)
Net income available to common shareholders	$          1,652,841	$        1,422,941	$        4,856,681	$       3,369,346
Average number of common shares outstanding	2,997,401	3,044,556	3,016,793	3,042,645
Effect of dilutive options	24,981	8,693	25,295	13,026
Average number of shares used to calculate diluted EPS	3,022,382	3,053,249	3,042,088	3,055,671