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Note 5 - Earnings Per Share
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2012 and 2011:

 
 
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
   
2012
   
2011
   
2012
   
2011
 
Numerator:
                       
Net  income
  $ 1,539,638     $ 1,076,356     $ 3,113,744     $ 2,226,932  
Numerator for basic and diluted earnings per share
    1,539,638       1,076,356       3,113,744       2,226,932  
Denominator:
                               
Weighted-average shares outstanding-basic
    10,156,442       10,156,442       10,156,442       10,156,442  
                                 
Effect of dilutive securities:
                               
Stock options
    15,729       11,656       16,119       19,119  
Dilutive potential common shares
    15,729       11,656       16,119       19,119  
Denominator for diluted earnings per share-weighted-average shares
    10,172,171       10,168,098       10,172,561       10,175,561  
                                 
Basic earnings per share
  $ 0.15     $ 0.11     $ 0.30     $ 0.22  
Diluted earnings per share
  $ 0.15     $ 0.11     $ 0.30     $ 0.22  

The net effect of converting stock options and warrants to purchase 106,600 and 102,600 shares of common stock at exercise prices less than the average market prices has been included in the computations of diluted earnings per share for the quarter ended June 30, 2012 and 2011, respectively.