EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2014

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

4. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period increased to include all additional common shares that would have been outstanding assuming potentially dilutive common shares, resulting from option exercises, had been issued and any proceeds thereof used to repurchase common stock at the average market price during the period.

	2014		2013		2012
Net income for diluted computation	$	4,645,960	$	5,285,847	$	2,981,075
Weighted average shares:
Basic		6,477,457		6,345,615		6,351,245
Effect of dilutive securities:
Stock options		602,113		576,659		630,282
Diluted		7,079,570		6,922,274		6,981,527
Net income per share:
Basic	$	0.72	$	0.83	$	0.47
Diluted	$	0.66	$	0.76	$	0.43

We exclude from earnings per share the weighted-average number of securities whose effect is anti-dilutive. Excluded from the calculation of earnings per share for the years ended December 31, 2014, 2013 and 2012 were 20,000, 272,500, and 272,500 of options to purchase shares of common stock, respectively, because their effect is anti-dilutive.