Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2011:

	Three Months Ended June 30, 2011
	Income			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Net Income	$	388,919			19,469,317	$	.02
Less Preferred stock dividends		(24,411	)
Earnings per share - basic
Income available to common shareholders		364,508					.02
Effect of dilutive securities
Options					347,893
Convertible preferred stock		24,411			366,666
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	388,919			20,183,876	$	.02

	Six Months Ended June 30, 2011
	Income			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Net Income	$	756,933			19,446,113	$	.04
Less Preferred stock dividends		(49,364	)
Earnings per share - basic
Income available to common shareholders		707569					.04
Effect of dilutive securities
Options					347,893
Convertible preferred stock		49,364			366,666
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	756,933			20,160,672	$	.04

The following table sets forth the calculation of basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2010:

	Three Months Ended June 30, 2010
	Income			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Net Income	$	374,673			19,412,499	$	.02
Less Preferred stock dividends		(24,411	)
Earnings per share - basic
Income available to common shareholders		350,262					.02
Effect of dilutive securities
Options					286,133
Convertible preferred stock		24,411			366,666
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	374,673			20,065,298	$	.02

	Six Months Ended June 30, 2010
	Income			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Net Income	$	726,339			19,412,499	$	.04
Less Preferred stock dividends		(41,046	)
Earnings per share - basic
Income available to common shareholders		685,293					.04
Effect of dilutive securities
Options					286,133
Convertible preferred stock		41,046			366,666
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	726,339			20,065,298	$	.04