INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2012

INCOME PER COMMON SHARE [Abstract]

INCOME PER COMMON SHARE

5. INCOME PER COMMON SHARE

Basic income per common share is computed using the weighted average number of shares outstanding.  Diluted income per common share for the three month period ended March 31, 2012 and 2011 is computed using the weighted-average number of shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock.  Incremental shares of 625,517 were used in the calculation of diluted income per common share in the three month period ended March 31, 2012. Incremental shares of 55,000 were not included in the diluted earnings per share calculations for the three month period ended March 31, 2012 as their exercise price was in excess of the Company's average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive.  Incremental shares of 397,844 were used in the calculation of diluted income per common share in the three month period ended March 31, 2011. All incremental shares were included in the diluted earnings per share calculations for the three month period ended March 31, 2011.