Earnings Per Share

9 Months Ended

Sep. 30, 2015

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 (unvested 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, 2015					Three Months Ended September 30, 2014
(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 stockholders	$	951	4,550,923	$	0.21	$	592	4,548,293	$	0.13
Effect of dilutive securities:
Unvested stock awards		-	35,210				-	40,492
Diluted earnings per share:
Net income applicable to common stockholders and assumed conversions	$	951	4,586,133	$	0.21	$	592	4,588,785	$	0.13

	Nine Months Ended September 30, 2015					Nine Months Ended September 30, 2014
(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 stockholders	$	2,787	4,561,638	$	0.61	$	1,877	4,538,456	$	0.41
Effect of dilutive securities:
Unvested stock awards		-	30,062				-	36,207
Diluted earnings per share:
Net income applicable to common stockholders and assumed conversions	$	2,787	4,591,700	$	0.61	$	1,877	4,574,663	$	0.41

There were 52,023 and no shares of unvested restricted stock awards and options outstanding during the three months ended September 30, 2015 and 2014, respectively, which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.  There were 66,946 and 9,381 shares of unvested restricted stock awards and options outstanding during the nine months ended September 30, 2015 and 2014, respectively, which were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive.