Earnings per Common Share

9 Months Ended

Sep. 30, 2013

Earnings per Common Share [Abstract]

Earnings per Common Share

(3)  Earnings per Common Share

Basic earnings per share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.  Net income available to common shareholders is net income less the total of preferred dividends declared.  Diluted earnings per share include the potential dilutive effect that could occur upon the assumed exercise of issued stock options using the treasury stock method.  Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants.

The following table sets forth the calculation of basic and diluted earnings per share:

	Three months ended				Nine months ended
	September 30,				September 30,
(In thousands, except per share data)	2013		2012		2013		2012
Basic Earnings Per Common Share
Net income available to common shareholders	$	528	$	557	$	1,856	$	1,552
Weighted average common shares outstanding		2,518		2,505		2,515		2,503
Basic earnings per common share	$	0.21	$	0.22	$	0.74	$	0.62
Diluted Earnings Per Common Share
Net income available to common shareholders	$	528	$	557	$	1,856	$	1,552
Weighted average common shares outstanding		2,518		2,505		2,515		2,503
Effect of assumed exercise of stock options		21		12		13		6
Effect of assumed exercise of stock warrants		-		-		-		4
Diluted weighted average common shares outstanding		2,539		2,517		2,528		2,513
Diluted earnings per common share	$	0.20	$	0.22	$	0.73	$	0.62