Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2013

Computation of Earnings Per Share [Abstract]

Computation of Earnings Per Share

5. Computation of Earnings Per Share

Basic and diluted earnings per share are calculated as follows:

	For the Three Months Ended March 31,
	2013		2012
Net income	$	4,052,300	$	1,325,000
Weighted average shares outstanding for the period		1,543,257		1,543,257
Dilutive effect of warrants		39,070		7,499
Weighted average diluted shares used in calculation of diluted earnings per share		1,582,327		1,550,756
Basic earnings per share	$	2.63	$	0.86
Diluted earnings per share	$	2.56	$	0.85

Basic earnings per common share is computed using net income and the weighted average number of common shares outstanding during the period.  Diluted earnings per common share are 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.