XML 25 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Earnings per Share

9 Months Ended

Sep. 30, 2011

5. EARNINGS PER SHARE

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Numerator:
Net income	$	829,106	$	593,905	$	3,056,038	$	2,603,128
Numerator for basic and diluted earnings per share		829,106		593,905		3,056,038		2,603,128
Denominator:
Weighted-average shares outstanding-basic		10,156,442		10,256,442		10,156,442		10,195,868

Effect of dilutive securities:
Stock options		11,884		1,301		23,081		41,051
Dilutive potential common shares		11,884		1,301		23,081		41,051
Denominator for diluted earnings per share-weighted-average shares		10,168,326		10,257,743		10,179,523		10,236,919

Basic earnings per share	$	0.08	$	0.06	$	0.30	$	0.26
Diluted earnings per share	$	0.08	$	0.06	$	0.30	$	0.25

The net effect of converting stock options and warrants to purchase 102,600 and 10,000 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 September 30, 2011 and 2010, respectively.