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Earnings Per Share Computations
 12 Months Ended
Dec. 31, 2012
Earnings Per Share Computations [Abstract]  
Earnings Per Share Computations

6.EARNINGS PER SHARE COMPUTATIONS

 

The following is a reconciliation of the numerator and denominator of the earnings per common share computations:

 

 

 

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Net income (numerator) amounts used for

 

 

 

 

 

 

basic and diluted per share computations:

 

 

 
$
1,016,364 

$
397,667 

 

 

 

 

 

 

 

Weighted average shares (denominator) of common

 

 

 

 

 

 

      stock outstanding:

 

 

 

 

 

 

            Basic

 

 

 
4,130,738 

 
4,084,762 

            Plus dilutive effect of stock options

 

 

 
34,663 

 
48,577 

            Diluted

 

 

 
4,165,401 

 
4,133,339 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

            Basic

 

 

 

$ .25

 

$ .10

            Diluted

 

 

 

.24

 

.10

 

 

 

 

 

 

 

 

Options to purchase 119,500 shares of common stock at an average of $14.36 per share were outstanding but not included in the computation of diluted EPS at December 31, 2012 because the options were out of the money at December 31, 2012.

 

Options to purchase 104,500 shares of common stock at an average of $14.80 per share were outstanding but not included in the computation of diluted EPS at December 31, 2011 because the options were out of the money at December 31, 2011.