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Earnings Per Common Share (EPS)
9 Months Ended
Sep. 30, 2011
Earnings Per Common Share (EPS) [Abstract] 
Earnings Per Common Share (EPS)

4.      Earnings Per Common Share (EPS)

Basic EPS is calculated using net income divided by the weighted average of common shares outstanding. Diluted EPS is similar to Basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares, such as those shares subject to options, had been issued.

Shares used in the calculation of diluted EPS are summarized below:

 

                 
    Three Months Ended  
    Sep 30, 2011     Sep 30, 2010  

Weighted average common shares outstanding

     1,983,613       1,974,162  

Dilutive effect of stock options

     4,332       1,720  
   

 

 

    

 

 

  

Weighted average common and common equivalent shares outstanding

     1,987,945       1,975,882  
   

 

 

    

 

 

  

 

                 
     Nine Months Ended  
    Sep 30, 2011     Sep 30, 2010  

Weighted average common shares outstanding

     1,981,028       1,971,248  

Dilutive effect of stock options

     4,235       1,103  
   

 

 

    

 

 

  

Weighted average common and common equivalent shares outstanding

     1,985,263       1,972,351  
   

 

 

    

 

 

  

Options to purchase 5,000 shares of common stock with a weighted average price of $8.08 were outstanding during the nine months ended September 30, 2011, but were excluded from the computation of common share equivalents because they were anti-dilutive. For the quarter ended September 30, 2011, options to purchase 10,000 shares of common stock with a weighted average price of $7.93 were outstanding but were excluded from the computation of common share equivalents because they were anti-dilutive. For the three and nine months ended September 30, 2010, options to purchase 16,250 shares of common stock with a weighted average price of $7.89 were outstanding, but were excluded from the computation of common share equivalents because they were anti-dilutive.