XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 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 and nine-month periods ended September 30, 2012, and 2011, have been adjusted for the 5% stock dividend 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 net income per share:

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

2012

 

2011

 

2012

 

2011

 

Basic:

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

1,111,642

 

$

1,046,578

 

$

11,521,781

 

$

7,397,087

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic - weighted average common shares outstanding

 

20,566,096

 

20,211,848

 

20,433,905

 

20,194,276

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

$

0.05

 

$

0.05

 

$

0.56

 

$

0.37

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

1,111,642

 

$

1,046,578

 

$

11,521,781

 

$

7,397,087

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

20,566,096

 

20,211,848

 

20,433,905

 

20,194,276

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

Stock options

 

312,881

 

300,913

 

381,276

 

317,785

 

 

 

20,878,977

 

20,512,761

 

20,815,181

 

20,512,061

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

0.05

 

$

0.05

 

$

0.55

 

$

0.36