Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Earnings per Share

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Note 2 - Earnings per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Text Block]
NOTE 2 – Earnings per Share

Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period after giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants and unvested shares granted to employees and directors.

   
Three Months Ended
March 31,
 
Six Months Ended
March 31,
 
   
2012
 
2011
 
2012
 
2011
 
Denominator:
                 
          Weighted average common shares outstanding – basic
    27,557,587     27,301,422     27,518,587     27,273,184  
Net effect of dilutive securities
                         
          Options
    1,133,790     1,252,622     1,099,817     1,283,677  
          Warrants
    59,884     59,528     58,535     60,621  
          Unvested restricted shares
    295,750     378,750     295,750     378,750  
Total net effect of dilutive securities
    1,489,424     1,690,900     1,454,102     1,723,048  
          Weighted average common shares outstanding - diluted
    29,047,011     28,992,322     28,972,689     28,996,232  
Income per common share – basic
  $ 0.07   $ 0.00   $ 0.17   $ 0.02  
Income per common share – diluted
  $ 0.07   $ 0.00   $ 0.16   $ 0.02  

All the outstanding warrants and stock options were included in the computation of diluted net income per share during the three months and six months ended March 31, 2012 and 2011.