Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share

NOTE 2 - EARNINGS PER SHARE

Basic earnings per share of common stock are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by including the average dilutive common stock equivalents outstanding during the periods. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Basic and diluted:
Net income	$	656,000	$	758,000	$	1,386,000	$	1,467,000
Weighted average common shares outstanding		2,726,428		2,708,233		2,724,423		2,705,434
Basic and dilutive net income per share	$	0.24	$	0.28	$	0.51	$	0.54

Diluted earnings per share calculations were not required for the three and six months ended June 30, 2012 and 2011, since there were no options outstanding.