EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2011

NOTE 2 - EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by including the average dilutive common stock equivalents outstanding during the periods. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Basic and diluted:
Net income	$	770,000	$	689,000	$	2,237,000	$	1,410,000
Weighted average common shares outstanding		2,712,882		2,692,329		2,707,944		2,687,724
Basic and dilutive net income per share	$	0.29	$	0.25	$	0.83	$	0.52

Diluted earnings per share calculations were not required for the three and nine months ended September 30, 2011 and 2010, since there were no options outstanding.