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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
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,

 
2014 

 
2013 

 
2012 

 

(In Thousands, Except Per Share Data

 

 

 

 

 

 

 

 

 

Numerator, net income

$
7,657 

 

$
8,465 

 

$
8,403 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share, weighted

 

 

 

 

 

 

 

 

average shares

 
3,645 

 

 
3,627 

 

 
3,608 

Effect of dilutive securities, employee stock options

 
12 

 

 
5 

 

 
6 

 

 

 

 

 

 

 

 

 

Denominator for diluted earnings per share, adjusted weighted average

 

 

 

 

 

 

 

 

shares and assumed conversions

 
3,657 

 

 
3,632 

 

 
3,614 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$
2.10 

 

$
2.33 

 

$
2.33 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$
2.10 

 

$
2.33 

 

$
2.33 

 

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 12,500,  129,000, and 112,000 for the years ended December 31, 2014, 2013 and 2012, respectively.  All share and per share data have been restated to give retroactive effect to the 10% stock dividend paid in 2013.