Earnings Per Share

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Earnings Per Share

12.  Earnings Per Share

The calculation of earnings per share follows:

	2011			2010
Numerator:
Net income	$	2,811,193		$	2,572,964
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding		3,099,982			3,128,509
Effect of dilutive employee stock options		(0	)		65,805
Denominator for dilutive earnings per share		3,099,983			3,194,314
Basic earnings per share	$	0.91		$	0.82
Dilutive earnings per share	$	0.91		$	0.81

For 2011 and 2010, respectively, 602,895 and 473,750 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.