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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2012
EARNINGS PER SHARE

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  
    March 31,  
    2012     2011  
Basic and diluted:                
Net income   $ 730,000     $ 709,000  
Weighted average common shares outstanding     2,722,419       2,702,604  
Basic and dilutive net income per share   $ 0.27     $ 0.26  

 

Diluted earnings per share calculations were not required for the three months ended March 31, 2012 and 2011, since there were no options outstanding.