Net Income Per Common Share

9 Months Ended

Sep. 30, 2011

Net Income Per Common Share [Abstract]

(NOTE 3) – Net Income Per Common Share:

The following table sets forth the computation of basic and diluted net income per common share:

	Nine Months Ended September30,				Three Months Ended September 30,
Denominator:	2011		2010		2011		2010
Denominator for basic net income per share -weighted-average common shares		4,660,000		4,417,000		4,660,000		4,444,000
Effect of dilutive securities:
Employee and directors stock options		25,000		59,000		26,000		46,000
Unearned portion of restricted stock awards		8,000		23,000		7,000		24,000
Denominator for diluted net income per share - weighted-average common shares and assumed conversion		4,693,000		4,499,000		4,693,000		4,514,000

The numerator for basic and diluted net income per share for the nine and three month periods ended September 30, 2011 and 2010 is the net income for each period.

Options to purchase 163,000 shares of common stock were outstanding during nine and three months ended September 30, 2011 and options to purchase 229,000 shares of common stock were outstanding during the comparable 2010 periods but were not included in the computation of diluted income per share. The inclusion of these options would have been anti-dilutive as the options' exercise prices were greater than the average market price of the Company's common shares during the relevant period.

Approximately 73,000 shares of outstanding common stock during the nine and three months ended September 30, 2011 were not included in the computation of basic earnings per share. These shares were excluded because they represent the unearned portion of restricted stock awards.

Approximately 225,000 shares of outstanding common stock during the nine and three months ended September 30, 2010 were not included in the computation of basic earnings per share. These shares were excluded because they represent the unearned portion of restricted stock awards.