3. Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share Tables

Earnings Per Share

	Three Months Ended September 30, 2013
	Income (Numerator)		Shares (Denominator)		Per-Share Amount
Net income	$	427,116		19,524,594	$	.02
Less preferred stock dividends		24,682
Earnings per share - basic
Income available to common stockholders		402,434				.02
Effect of dilutive securities
Options				739,556
Convertible preferred stock		24,682
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	427,116		20,264,150	$	.02

	Nine Months Ended September 30, 2013
	Income (Numerator)		Shares (Denominator)		Per-Share Amount
Net income	$	1,301,069		19,519,287	$	.07
Less preferred stock dividends		74,047
Earnings per share - basic
Income available to common stockholders		1,227,022				.06
Effect of dilutive securities
Options				739,556
Convertible preferred stock		74,047	_______
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	1,301,069		20,258,842	$	.06

The following table sets forth the calculation of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2014:

	Three Months Ended September 30, 2014
	Income (Numerator)		Shares (Denominator)		Per-Share Amount
Net income	$	498,976		19,866,957	$	.03
Effect of dilutive securities
Options		-		1,312,633
Diluted earnings per share
Net income	$	498,976		21,179,590	$	.02

	Nine Months Ended September 30, 2014
	Income (Numerator)		Shares (Denominator)		Per-Share Amount
Net income	$	1,441,126		19,813,618	$	.07
Effect of dilutive securities
Options		-		1,312,633
Diluted earnings per share
Net income	$	1,441,126		21,126,252	$	.07