Computation of Earnings Per Share

6 Months Ended

Jun. 30, 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 Six Months Ended June 30,		For the Three Months Ended June 30,
	2013	2012	2013	2012
Net income	$4,954,000	$2,285,500	$  901,700	$  960,500
Weighted average shares outstanding for the period	1,543,257	1,543,257	1,543,257	1,543,257
Dilutive effect of warrants	42,409	14,553	45,074	20,323
Weighted average diluted shares used in calculation    of diluted earnings per share	1,585,666	1,557,810	1,588,331	1,563,580
Basic earnings per share	$        3.21	$        1.48	$        0.58	$        0.62
Diluted earnings per share	$        3.12	$        1.47	$        0.57	$        0.61

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, include potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include the assumed exercise of warrants using the treasury stock method.