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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share  
EARNINGS PER SHARE
NOTE 12 - EARNINGS PER SHARE
The following table sets forth the computations of basic and diluted earnings per share:

   
Years Ended December 31,
  
   
2011
    
2010
    
2009
  
   
(In Thousands, Except per Share Data)
  
                               
    Numerator, net income
  
$
7,356
    
$
7,313
    
$
7,063
       
                         
    Denominator:
                        
    Denominator for basic earnings per share, 
  weighted average shares
    
3,073
      
2,762
      
2,750
  
    Effect of dilutive securities, employee 
  stock options
    
3
      
4
      
16
  
                         
    Denominator for diluted earnings per share, 
  adjusted weighted average shares and 
  assumed conversions
    
3,076
      
2,766
      
2,766
  
                         
    Basic earnings per common share
  
$
2.39
    
$
2.65
    
$
2.57
  
                         
    Diluted earnings per common share
  
$
2.39
    
$
2.64
    
$
2.55
  

Stock options which had no intrinsic value because their effect would be anti-dilutive and therefore would not be included in the diluted EPS calculation were 157,000, 140,150, and 109,821 for the years ended December 31, 2011, 2010 and 2009, respectively.