(LOSS) EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2019

(LOSS) EARNINGS PER SHARE [Abstract]

Calculation of Earnings Per Share

However, as of the three and six months ended June 30, 2019 and 2018 shares of common stock issuable on the assumed conversion of the eligible preferred stock were excluded from the diluted earnings per common shares calculation as the inclusion of these shares would have been antidilutive.

	Three Months Ended Ended June 30,					Six Months Ended Ended June 30,
	2019			2018		2019			2018
Numerator:
Net (loss) income	$	(586,000	)	$	304,000	$	(531,000	)	$	310,000
Preferred dividend		125,000			125,000		250,000			250,000
Net (loss) income available to common stockholders	$	(711,000	)	$	179,000	$	(781,000	)	$	60,000
Denominator:
Basic weighted average number of common shares outstanding		3,617,000			3,594,000		3,617,000			3,594,000
Effect of dilutive stock options		-			179,000		-			179,000
Diluted weighted average number of common shares outstanding		3,617,000			3,773,000		3,617,000			3,773,000
Basic earnings per common share	$	(0.20	)	$	0.05	$	(0.22	)	$	0.02
Diluted earnings per common share	$	(0.20	)	$	0.05	$	(0.22	)	$	0.02