Quarterly report pursuant to Section 13 or 15(d)

4. Earnings Per Share

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4. Earnings Per Share
9 Months Ended
Sep. 30, 2012
Earnings per common share:  
4. 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 loss per common share.

 

    Net Income     Shares     Per Share Amount  
Basic net income per common share for the                  
three months ended September 30, 2012:              
Income available to common stockholders   $ 43,422       11,201,760     $ 0.00  
Effect of dilutive stock options     --       13,161       --  
Diluted net income per common share for the                        
three months ended September 30, 2012:   $ 43,422       11,214,921     $ 0.00  
                         
Basic net income per common share for the                  
nine months ended September 30, 2012:                        
Income available to common stockholders   $ 72,316       11,199,442     $ 0.01  
Effect of dilutive stock options     --       14,352       --  
Diluted net income per common share for the                        
nine months ended September 30, 2012:   $ 72,316       11,213,794     $ 0.01  
                         
Basic net income per common share for the                  
three months ended September 30, 2011:                  
Income available to common stockholders   $ 63,133       11,196,760     $ 0.01  
Effect of dilutive stock options     --       36,553       --  
Diluted net income per common share for the                        
three months ended September 30, 2011:   $ 63,133       11,233,313     $ 0.01  
                         
Basic net income per common share for the                  
nine months ended September 30, 2011:                        
Income available to common stockholders   $ 101,320       11,196,760     $ 0.01  
Effect of dilutive stock options     --       23,535       --  
Diluted net income per common share for the                        
nine months ended September 30, 2011:   $ 101,320       11,220,295     $ 0.01