RPi Simple Rotary Encoder Read on GPIO

RotaryEncoder1.py

#!/usr/local/bin/python
# m0xpd
# shack.nasties 'at Gee Male dot com'
import RPi.GPIO as GPIO
# setup GPIO options...
GPIO.setmode(GPIO.BOARD)
GPIO.setwarnings(False)
# setup IO bits...
GPIO.setup(12, GPIO.IN)         # PinA is on GPIO 12
GPIO.setup(16, GPIO.IN)         # PinB is on GPIO 16
# check initial state...
oldPinA = GPIO.input(12)
Position = 0
inc = 5                         # increment 
REmax = 127                     # Max value
REmin = 0                       # Min value

# Main Operating Loop...
while True:
    encoderPinA=GPIO.input(12)
    encoderPinB=GPIO.input(16)
    if (encoderPinA == True) and (oldPinA == False):    # Detect "upward" transition on PinA
                if (encoderPinB == False):              # if PinB is low...
                        Position=Position+inc           # we're going clokwise
                        if Position > REmax:            # limit max value
                                Position = REmax
                else:                                   # otherwise... 
                        Position=Position-inc           # we're going anti-clockwise
                        if Position < REmin:            # limit min value
                                Position = REmin
                print Position
                        

    oldPinA=encoderPinA                                 # save current value for next time