Earnings Per Share

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Note 3 - Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share for the three-month period ended March 31, 2011:

	Income			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Net income	$	368,012			19,422,650	$	0.02
Less preferred stock dividends		(24,953	)
Earnings per share - basic
Income available to common stockholders		343,059					0.02
Effect of dilutive securities
Options					328,895
Convertible preferred stock		24,953			366,666
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	368,012			20,118,211	$	0.02

The following table sets forth the calculation of basic and diluted earnings per share for the three-month period ended March 31, 2012:

	Income			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Net income	$	368,012			19,422,650	$	0.02
Less preferred stock dividends		(24,953	)
Earnings per share - basic
Income available to common stockholders		343,059					0.02
Effect of dilutive securities
Options					328,895
Convertible preferred stock		24,953			366,666
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	368,012			20,118,211	$	0.02