EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2012

Earnings per common share

Reconciliation of the numerator and denominator for basic and diluted earnings per share

The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the nine months ended September 30, 2012 and 2011:

	2012		2011
Basic Earnings per Share
Numerator:
Income  available to common shareholders	$	3,520,916	$	3,635,061
Denominator:
Weighted-average shares outstanding		10,085,206		8,722,642
Basic earnings per share	$	0.35	$	0.42
Diluted Earnings per Share
Numerator:
Income	$	3,520,916	$	3,635,061
Denominator:
Weighted-average shares outstanding		10,085,206		8,722,642
Effect of dilutive securities
Stock options and warrants		1,140,337		1,329,073
Preferred stock		3,133,147		4,452,167
Diluted weighted-average shares outstanding		14,358,691		14,503,882
Diluted earnings per share	$	0.25	$	0.25