Earnings per Share
3 Months Ended
Mar. 31, 2012
Earnings per Share

Note 3 - Earnings per Share:


Earnings per share are computed based upon the weighted average number of shares of common stock outstanding during the three month period. Diluted earnings per share are computed assuming that average stock options and warrants outstanding are exercised and the proceeds, including the relevant tax benefit, are used entirely to reacquire shares at the average price for the period. The weighted average number of options that were not considered, as they were not dilutive for the three months ended March 31, 2012 and 2011, were 284,238 and 461,942, respectively. The following table presents the numbers of shares used to compute basic and diluted earnings per share for the indicated periods:



    Three Months
March 31
    2012     2011  
Weighted average shares outstanding     7,448,604       7,432,295  
Dilutive effects of assumed exercises of stock options and warrant     71,458       26,925  
Shares used to compute diluted earnings per share     7,520,062       7,459,220