Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Note 11 - Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of shares outstanding for the period.  Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, except for periods when the Company reports a net loss because the inclusion of such items would be antidilutive.

 

The following is a reconciliation of the amounts used in calculating basic and diluted net income per common share.

 

    Net           Per Share  
    Income     Shares     Amount  
Basic net income per common share for the                  
    year ended December 31, 2011:                  
Income available to common stockholders   $ 153,401       11,196,760     $ 0.01  
Effect of dilutive stock options             27,650       -  
Diluted net income per common share for                        
   the year ended December 31, 2011:   $ 153,401       11,224,410     $ 0.01  
                         
Basic net income per common share for the                        
    year ended December 31, 2010:                        
Income available to common stockholders   $ 146,462       11,196,760     $ 0.01  
Effect of dilutive stock options             14,264       -  
Diluted net income per common share for                        
   the year ended December 31, 2010:   $ 146,462       11,211,024     $ 0.01