Note 2 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

2.  EARNINGS PER COMMON SHARE

Basic earnings per share has been calculated by dividing net income by the weighted average number of common shares outstanding during each period.  For purposes of calculating diluted earnings per share, shares issuable under employee stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.  For the years ended March 31, 2012 and 2011, respectively, options to acquire 31,000 and 13,500 shares of common stock were not included in computing earnings per share because their effects were anti-dilutive.

The computation of earnings per common share is as follows:

	Year Ended March 31,
	2012		2011
Net income	$	1,350,224	$	2,137,902
Earnings Per Share:
Basic	$	0.55	$	0.88
Diluted	$	0.55	$	0.87
Weighted Average Shares Outstanding:
Basic		2,443,786		2,431,297
Diluted		2,451,209		2,464,354