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Note 5 - Earnings per Share
 3 Months Ended
Mar. 31, 2012
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 months ended March 31, 2012 and 2011:

   
2012
   
2011
 
Net income
  $ 1,574,105     $ 1,150,576  
Numerator for basic and diluted earnings per share
  $ 1,574,105     $ 1,150,576  
                 
Denominator for basic earnings per share –  weighted-average shares
    10,156,442       10,156,442  
                 
Effect of dilutive securities:
               
Stock options
    16,508       13,259  
Warrants
    -       -  
Dilutive potential common shares
    16,508       13,259  
                 
Denominator for diluted earnings per share –  weighted-average shares
    10,172,950       10,169,701  
                 
Basic earnings per share
  $ 0.15     $ 0.11  
Diluted earnings per share
  $ 0.15     $ 0.11  

The net effect of converting stock options and warrants to purchase 106,600 and 90,600 shares of common stock at exercise prices less than the average market prices has been included in the computations of diluted EPS for the quarters ended March 31, 2012 and 2011, respectively.