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Note 5 - Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

5.         EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and six months ended June 30, 2011 and 2010:

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Numerator:
Net income		$	1,076,356			$	1,061,110			$	2,226,932			$	2,009,223
Numerator for basic and diluted earnings per share			1,076,356				1,061,110				2,226,932				2,009,223
Denominator:
Weighted-average shares outstanding-basic			10,156,442				10,191,506				10,156,442				10,164,759
Effect of dilutive securities:
Stock options			11,656				46,711				19,119				61,256
Dilutive potential common shares			11,656				46,711				19,119				61,256
Denominator for diluted earnings per share- weighted-average shares			10,168,098				10,238,217				10,175,561				10,226,015
Basic earnings per share		$	0.11			$	0.10			$	0.22			$	0.20
Diluted earnings per share		$	0.11			$	0.10			$	0.22			$	0.20

The net effect of converting stock options and warrants to purchase 102,600 and 173,700 shares of common stock at exercise prices less than the average market prices has been included in the computations of diluted EPS for the quarter ended June 30, 2011 and 2010, respectively.

X

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

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