EARNINGS PER SHARE OF COMMON STOCK

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

5. EARNINGS PER SHARE OF COMMON STOCK

Basic and diluted earnings per share are calculated in accordance with ASC 260 “Earnings Per Share”. Under ASC 260, basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the potential dilution from the exercise of stock options and warrants for common shares using the treasury stock method. The numerator in calculating both basic and diluted earnings per common share for each period is the reported net income.

The denominator is based on the following weighted average number of common shares:

	Three Months Ended March 31,
	2012		2011
Basic weighted average common shares outstanding		3,886,103		3,324,459
Incremental shares for assumed exercise of options		7,539		71,366
Diluted weighted average common shares outstanding		3,893,642		3,395,825

336,461 and 436,967 vested options were not included in the diluted earnings per share calculation for the three month periods ended March 31, 2012 and 2011, respectively, either because their effect would have been anti-dilutive, or because they are being held in escrow (See Note 7).