Earnings Per Share Computations

9 Months Ended

Sep. 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 nine-month periods ending September 30, 2012 and September 30, 2011 because the options were out of the money at September 30, 2012 and September 30, 2011. 

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

	Three		Three		Nine		Nine
	Months		Months		Months		Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2012		2011		2012		2011
Net income (numerator) amounts used for basic and diluted per share computations:	$	202,034	$	230,132	$	568,002	$	92,631
Weighted average shares (denominator) of common stock outstanding:
Basic		4,118,880		4,068,308		4,124,345		4,079,089
Plus dilutive effect of stock options		31,251		31,428		45,298		57,178
Diluted		4,150,131		4,099,736		4,169,643		4,136,267
Net income per common share:
Basic	$	.05	$	.06	$	.14	$	.02
Diluted		.05		.06		.14		.02