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5. PER SHARE INFORMATION
 9 Months Ended
Sep. 30, 2012
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]
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, 2012 and 2011 are as follows:


    (Unaudited)     (Unaudited)  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
Weighted average                                
shares outstanding     7,503,568       7,489,995       7,503,469       7,485,529  
                                 
Dilutive stock options     -       -       -       721  
                                 
Dilutive weighted average                                
shares outstanding     7,503,568       7,489,995       7,503,469       7,486,250  
                                 
Anti-dilutive stock options/weighted                                
average shares outstanding     10,000       135,370       11,204       139,689