Earnings Per Share Computations

6 Months Ended

Jun. 30, 2012

Earnings Per Share Computations [Abstract]

Earnings Per Share Computations

3.

EARNINGS PER SHARE COMPUTATIONS

Basic net income per common share is based on the weighted average number of common shares outstanding during each period. Diluted net income per common share takes into effect the dilutive effect of potential common shares outstanding. The Company's potential common shares outstanding are stock options. Options to purchase 119,500 shares of common stock at an average price of $14.36 per share were outstanding but not included in the computation of diluted earnings per share for both the three and six-month periods ending June 30, 2012 because the options were out of the money at June 30, 2012. Options to purchase 29,500 shares of common stock at an average price of $16.94 per share were outstanding but not included in the computation of diluted earnings per share for both the three and six-month periods ending June 30, 2011 because the options were out of the money at June 30, 2011. Weighted average shares of 50,294 were considered anti-dilutive and excluded from the computation of common equivalent shares for the three month period ended June 30, 2012, as the Company reported a loss for that period. Additionally, weighted average shares of 51,667 and 59,397 were considered anti-dilutive and excluded from the computation of common equivalent shares for the three and six-month period ended June 30, 2011, as the Company reported a net loss for those periods.

The following is a reconciliation of the numerator and denominator of the earnings per common share computations for the three and six-month periods ending June 30, 2012 and 2011:

	ThreeMonths Ended June 30, 2012			Three Months Ended June 30, 2011			SixMonths Ended June 30, 2012		Six Months Ended June 30, 2011
Net (loss) income (numerator) amounts used for basic and diluted per share computations:	$	(166,536	)	$	(348,056	)	$	365,968	$	(137,501	)
Weighted average shares (denominator) of common stock outstanding:
Basic		4,115,771			4,066,539			4,113,901		4,067,743
Plus dilutive effect of stock options		—			—			48,193		—
Diluted		4,115,771			4,066,539			4,162,094		4,067,743
Net (loss) income per common share:
Basic	$	(.04	)	$	(.09	)	$	.09	$	(.03	)
Diluted		(.04	)		(.09	)		.09		(.03	)