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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2011
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE C — EARNINGS PER SHARE

 

Basic earnings per common share are based upon the weighted average number of shares of common stock (“common shares”) outstanding.  Diluted earnings per share are based upon the weighted average number of common shares outstanding and, when dilutive, common shares issuable for stock options, warrants, and convertible securities.  All earnings per common share for the three-month and six-month periods ended June 30, 2010 have been adjusted for the 5% stock dividend paid on May 14, 2010, to shareholders of record as of April 30, 2010.

 

The following is a reconciliation of net income (loss) and weighted average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share:

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

2011

 

2010

 

2011

 

2010

 

Basic:

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

586,775

 

$

(1,210,606

)

$

6,350,509

 

$

(660,099

)

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic - weighted average common shares outstanding

 

19,239,027

 

19,202,800

 

19,224,138

 

19,201,133

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.03

 

$

(0.06

)

$

0.33

 

$

(0.03

)

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

586,775

 

$

(1,210,606

)

$

6,350,509

 

$

(660,099

)

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

19,239,027

 

19,202,800

 

19,224,138

 

19,201,133

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

Stock options

 

327,158

 

—

 

310,931

 

—

 

 

 

19,566,185

 

19,202,800

 

19,535,069

 

19,201,133

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

0.03

 

$

(0.06

)

$

0.33

 

$

(0.03

)

 

Outstanding and exercisable options to purchase 75,885 and 99,706 shares of the common shares were not included in the computation of diluted earnings per share as the effect would have been anti-dilutive for the three and six months ended June 30, 2010 due to the net losses.