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3. Earnings per Share (Tables)
 9 Months Ended
Sep. 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 nine-month periods ended September 30, 2013:

 

    Three Months Ended September 30, 2013  
   

Income

(Numerator)

    

Shares

(Denominator)

    

Per-Share

Amount

  
Net income   $ 427,116       19,524,594     $ .02  
Less preferred stock dividends     24,682                  
                         
Earnings per share - basic                        
Income available to common stockholders     402,434               .02  
                         
Effect of dilutive securities                        
    Options             739,556          
    Convertible preferred stock     24,682                
                         
Dilutive earnings per share                        
Income available to common stockholders and assumed conversions   $ 427,116       20,264,150     $ .02  

 

    Nine Months Ended September 30, 2013  
   

Income

(Numerator)

    

Shares

(Denominator)

    

Per-Share

Amount

  
Net income   $ 1,301,069       19,519,287     $ .07  
Less preferred stock dividends     74,047                  
                         
Earnings per share - basic                        
Income available to common stockholders     1,227,022               .06  
                         
Effect of dilutive securities                        
    Options             739,556          
    Convertible preferred stock     74,047                
                         
Dilutive earnings per share                        
Income available to common stockholders and assumed conversions   $ 1,301,069       20,258,842     $ .06  

 

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

(Numerator)

    

Shares

(Denominator)

    

Per-Share

Amount

  
Net income   $ 401,572       19,506,886     $ .02  
Less preferred stock dividends     24,682                  
                         
Earnings per share - basic                        
Income available to common stockholders     376,890               .02  
                         
Effect of dilutive securities                        
    Options             197,438          
    Convertible preferred stock     24,682       366,666          
                         
Dilutive earnings per share                        
Income available to common stockholders and assumed conversions   $ 401,572       20,070,990     $ .02  

 

    Nine Months Ended September 30, 2012  
   

Income

(Numerator)

    

Shares

(Denominator)

    

Per-Share

Amount

  
Net income   $ 1,108,774       19,491,274     $ .06  
Less preferred stock dividends     74,318                  
                         
Earnings per share - basic                        
Income available to common stockholders     1,034,456               .05  
                         
Effect of dilutive securities                        
    Options             197,438          
    Convertible preferred stock     74,318       366,666          
                         
Dilutive earnings per share                        
Income available to common stockholders and assumed conversions   $ 1,108,774       20,055,378     $ .06