4. Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2012

Earnings Per Share Tables

Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2012:

	Three Months Ended September 30, 2012
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	401,572		19,506,886	$	0.02
Less preferred stock dividends		24,682
Earnings per share - basic
Income available to common stockholders		376,890				0.02
Effect of dilutive securities
Options				197,438
Convertible preferred stock		24,682		366,666
Diluted earnings per share
Income available to common stockholders
and assumed conversions	$	401,573		20,070,990	$	0.02

	Nine Months Ended September 30, 2012
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	1,108,774		19,491,274	$	0.06
Less preferred stock dividends		74,318
Earnings per share - basic
Income available to common stockholders		1,034,456				0.05
Effect of dilutive securities
Options				197,438
Convertible preferred stock		74,318		366,666
Diluted earnings per share
Income available to common stockholders
and assumed conversions	$	1,108,774		20,055,378	$	0.06

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

	Three Months Ended September 30, 2011
	Income			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Net income	$	11,581			19,469,317	$	.00
Less preferred stock dividends		(24,682	)
Earnings per share - basic
Loss available to common stockholders		(13,101	)				.00
Effect of dilutive securities
Options					323,170
Convertible preferred stock		24,682			366,666
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	11,581			20,159,153	$	.00

	Nine Months Ended September 30, 2011
	Income			Shares		Per- Share
	(Numerator)			(Denominator)		Amount
Net income	$	768,518			19,453,932	$	.04
Less preferred stock dividends		(74,047	)
Earnings per share - basic
Income available to common stockholders		694,471					.04
Effect of dilutive securities
Options					323,170
Convertible preferred stock		74,047			366,666
Diluted earnings per share
Income available to common stockholders
and assumed conversions	$	768,518			20,143,768	$	.04