Computation of Earnings Per Share

6 Months Ended

Jun. 30, 2011

Computation of Earnings Per Share [Abstract]

Computation of Earnings Per Share

5. Computation of Earnings/(Loss) Per Share

Basic and diluted earnings/(loss) per share are calculated as follows:

	For the Six Months Ended June 30,					For the Three Months Ended June 30,
	2011			2010		2011			2010
Net income/(loss)	$	(2,428,100	)	$	2,423,300	$	(149,300	)	$	527,700
Weighted average shares outstanding for the period		1,543,257			1,543,257		1,543,257			1,543,257
Dilutive effect of warrants		-			43,440		-			47,557
Weighted average diluted shares used in calculation    of diluted earnings/(loss) per share		1,543,257			1,586,697		1,543,257			1,590,814
Basic earnings/(loss) per share	$	(1.57	)	$	1.57	$	(0.10	)	$	0.34
Diluted earnings/(loss) per share	$	(1.57	)	$	1.53	$	(0.10	)	$	0.33

Basic earnings/(loss) per common share is computed using net income/(loss) and the weighted average number of common shares outstanding during the period.  Diluted earnings/(loss) per common share is computed using net income and the weighted average number of common shares outstanding, assuming dilution.  Weighted average common shares outstanding, assuming dilution, includes potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of warrants using the treasury stock method.  For the three months and six months ended June 30, 2011, the potential dilutive effect of outstanding warrants was 21,651 shares and 34,436 shares, respectively.  However, the effect of these potentially outstanding shares was not included in the calculation of diluted loss per share for the current period because the effect would have been anti-dilutive.