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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 5 – EARNINGS PER SHARE 

 

Basic earnings per share are calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares (non-vested restricted stock grants and stock options) had been issued, as well as any adjustment to income that would result from the assumed issuance of potential common shares that may be issued by us. Potential common shares related to stock options are determined using the treasury stock method.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2013

 

Three Months Ended September 30, 2012

(In thousands, except share and

Income

 

Shares

 

Per Share

 

Income

 

Shares

 

Per Share

per share data)

(Numerator)

 

(Denominator)

 

Amount

 

(Numerator)

 

(Denominator)

 

Amount

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings applicable to common shareholders

$
575 

 
4,031,022 

 

$
0.14 

 

$
546 

 
3,264,034 

 

$
0.17 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested stock awards

 

-

 
35,887 

 

 

 

 

 

-

 
24,933 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings applicable to common shareholders and assumed conversions

$
575 

 
4,066,909 

 

$
0.14 

 

$
546 

 
3,288,967 

 

$
0.17 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2013

 

Nine Months Ended September 30, 2012

(In thousands, except share and

Income

 

Shares

 

Per Share

 

Income

 

Shares

 

Per Share

per share data)

(Numerator)

 

(Denominator)

 

Amount

 

(Numerator)

 

(Denominator)

 

Amount

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common shareholders

$
807 

 
3,538,770 

 

$
0.23 

 

$
832 

 
3,260,827 

 

$
0.26 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested stock awards

 

-

 
31,393 

 

 

 

 

 

-

 
21,399 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common shareholders and assumed conversions

$
807 

 
3,570,163 

 

$
0.23 

 

$
832 

 
3,282,226 

 

$
0.25 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options to purchase 43,022 and 65,036 shares of common stock were outstanding at September 30, 2013 and 2012, respectively, but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares.