EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE

NOTE 2 – EARNINGS PER SHARE

There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statement of Income (unaudited) will be used as the numerator.  The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation:

	Three months ended June 30,						Six months ended June 30,
	2011			2010			2011			2010
Weighted average common stock outstanding		1,652,318			1,650,868			1,652,318			1,640,096
Average treasury stock		(54,100	)		(54,100	)		(54,100	)		(54,100	)
Weighted average common stock and common stock equivalents used to calculate basic earnings per share		1,598,218			1,596,768			1,598,218			1,585,996
Additional common stock equivalents (stock options) used to calculate diluted earnings per share		987			2,050			1,521			472
Weighted average common stock and common stock equivalents used to calculate diluted earnings per share		1,599,205			1,598,818			1,599,739			1,586,468