EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of reconciliation of 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, 2013 and 2012:

	2013		2012
Basic Earnings per Share
Numerator:
Net income available to common shareholders	$	5,304,660	$	3,520,916
Denominator:
Weighted-average shares outstanding		17,402,501		10,085,206
Basic earnings per share	$	0.30	$	0.35

Diluted Earnings per Share
Numerator:
Net income available to common shareholders	$	5,304,660	$	3,520,916
Denominator:
Weighted-average shares outstanding		17,402,501		10,085,206
Effect of dilutive securities
Stock options and warrants		1,039,925		1,140,337
Preferred stock		1,323,837		3,133,147
Diluted weighted-average shares outstanding		19,766,263		14,358,691

Diluted earnings per share	$	0.27	$	0.25