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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2012
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 periods ended March 31, 2012, and 2011, have been adjusted for the 5% stock dividend to be paid on May 14, 2012, to shareholders of record as of April 30, 2012.

 

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

(Unaudited)

 

 

 

2012

 

2011

 

Basic:

 

 

 

 

 

Numerator:

 

 

 

 

 

Net income

 

$

12,384,260

 

$

5,763,734

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Basic - weighted average common shares outstanding

 

20,311,392

 

20,169,538

 

 

 

 

 

 

 

Basic EPS

 

$

0.61

 

$

0.29

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

12,384,260

 

$

5,763,734

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Weighted average common shares outstanding

 

20,311,392

 

20,169,538

 

Effect of Dilutive Securities:

 

 

 

 

 

Stock options

 

440,248

 

304,172

 

 

 

20,751,640

 

20,473,710

 

 

 

 

 

 

 

Diluted EPS

 

$

0.60

 

$

0.28