Dividends and Basic Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

Dividends and Basic Earnings Per Common Share [Abstract]

Calculation of basic earnings per share

Basic earnings per share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. The following table calculates the basic earnings per share for the three and nine months ended September 30, 2014 and 2013.

	Three Months				Nine Months
	Ended Sept. 30,				Ended Sept. 30,
(net income in thousands)	2014		2013		2014		2013
Net Income	$	6,432	$	6,352	$	18,818	$	18,168
Weighted Average Number of Common Shares Outstanding		777,882		777,882		777,882		777,882
Basic Earnings Per Common Share	$	8.27	$	8.17	$	24.19	$	23.36