3. Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2013

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 six-month periods ended June 30, 2013:

	Three Months Ended June 30, 2013
	Income (Numerator)			Shares (Denominator)		Per-Share Amount
Net income	$	455,622			19,516,589	$	.02
Less preferred stock dividends		(24,411	)
Earnings per share - basic
Income available to common stockholders		431,211				$	.02
Effect of dilutive securities
Options					407,677
Convertible preferred stock		24,411			366,666
Dilutive earnings per share
Income available to common stockholders and assumed conversions	$	455,622			20,290,932	$	.02

	Six Months Ended June 30, 2013
	Income (Numerator)			Shares (Denominator)		Per-Share Amount
Net income	$	873,952			19,516,589	$	.04
Less preferred stock dividends		(49,364	)
Earnings per share - basic
Income available to common stockholders		824,588				$	.04
Effect of dilutive securities
Options					407,677
Convertible preferred stock		49,364			366,666
Dilutive earnings per share
Income available to common stockholders and assumed conversions	$	873,972			20,290,932	$	.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, 2012:

	Three Months Ended June 30, 2012
	Income (Numerator)			Shares (Denominator)		Per-Share Amount
Net income	$	342,122			19,489,317	$	.02
Less preferred stock dividends		(24,683	)
Earnings per share - basic
Income available to common stockholders		317,439					.02
Effect of dilutive securities
Options					185,065
Convertible preferred stock		24,683			366,666
Dilutive earnings per share
Income available to common stockholders and Assumed conversions	$	342,122			20,041,048	$	.02

	Six Months Ended June 30, 2012
	Income (Numerator)			Shares (Denominator)		Per-Share Amount
Net income	$	707,201			19,483,383	$	.04
Less preferred stock dividends		(49,636	)
Earnings per share - basic
Income available to common stockholders		657,565					.03
Effect of dilutive securities
Options					185,065
Convertible preferred stock		49,636			366,666
Dilutive earnings per share
Income available to common stockholders and Assumed conversions	$	707,201			20,035,114	$	.03