Earnings per share

9 Months Ended

Sep. 30, 2011

(3)	Earnings per share.

A reconciliation of the earnings and shares of the basic earnings per common share and diluted earnings per common share for the three periods ended September 30, 2011 and 2010 is as follows:

	2011							2010
	Three months ended September 30,							Three months ended September 30,
	Net Earnings		Shares		Per share			Net Earnings		Shares		Per share

Basic earnings per common share	$	1,117,397		11,220,329	$	0.10		$	,138,509		9,833,635	$	0.01
Effect of dilutive stock options		—		752,458	$	(0.00	)		—		565,035		—
Diluted earnings per common share	$	1,117,397		11,972,787	$	0.10		$	138,509		10,398,670	$	0.54

A reconciliation of the earnings and shares of the basic earnings per common share and diluted earnings per common share for the six month periods ended September 30, 2011 and 2010 is as follows:

	2011							2010
	Nine months ended September 30,							Nine months ended September 30,
	Net Earnings		Shares		Per share			Net Earnings		Shares		Per share

Basic earnings per common share	$	2,048,108		10,453,450	$	0.20			5,653,035		9,833,635	$	0.57
Effect of dilutive stock options		—		680,918	$	(0.02	)		—		565,035		(0.03	)
Diluted earnings per common share	$	2,048,108		11,134,368	$	0.18		$	5,653,035		10,398,670	$	0.54

For the three and nine months ended September 30, 2011 and 2010, 0 and 29,500 shares, respectively, related to employee stock options were not added to the denominator because inclusion of such shares would be antidilutive.

The following table sets forth outstanding shares of common stock issued in the form of employee stock options as of September 30:

	2011		2010

Employee stock options		1,498,134		1,498,134