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5.PER SHARE INFORMATION

9 Months Ended

Sep. 30, 2011

Earnings Per Share Reconciliation Disclosure

5.  PER SHARE INFORMATION

Basic earnings per share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of common shares outstanding during each period.  The diluted earnings per share computation includes common share equivalents, when dilutive.  There are no adjustments to net income necessary in the calculation of basic and diluted earnings per share.

A reconciliation of the shares used in the basic and diluted income per common share computation for the three and nine months ended September 30, 2011 and 2010 is as follows:

		(Unaudited)								(Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Weighted average shares outstanding			7,489,995				7,407,409				7,485,529				6,522,058
Dilutive stock options			-				14,785				721				19,134
Dilutive weighted average shares outstanding			7,489,995				7,422,194				7,486,250				6,541,192
Anti-dilutive stock options/weighted average shares outstanding			135,370				196,000				139,689				210,090

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- Definition

Disclosure of the methodology and assumptions used in the reconciliation of earnings per share, which may include the individual income and share amount effects of all securities that affect earnings per share, the effect that has been given to preferred dividends in arriving at income available to common stockholders in computing basic earnings per share, securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period(s) presented and a description of any transaction that occurs after the end of the most recent period but before issuance of the financial statements that would have changed materially the number of common shares or potential common shares outstanding at the end of the period if the transaction had occurred before the end of the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

+ Details

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