EARNING PER COMMON SHARE

9 Months Ended

Sep. 30, 2013

EARNING PER COMMON SHARE [Abstract]

EARNING PER COMMON SHARE

NOTE 2                      EARNING PER COMMON SHARE

Basic earnings per share is net income divided by the weighted average number of common shares outstanding during the period.  Issuable shares, including those related to directors’ restricted stock units and directors’ stock compensation, are considered outstanding and are included in the computation of basic earnings per share.  All outstanding unvested share based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Restricted stock awards are grants of participating securities.  The impact of the participating securities on earnings per share is not material.  Earnings per share information is adjusted to present comparative results for stock splits and stock dividends that occur.  Earnings per share were computed by dividing net income by 4,658,199 and 4,639,985weighted average shares outstanding for the nine-month periods ended September 30, 2013 and 2012, and 4,660,336 and 4,641,547weighted average shares outstanding for the three-month periods ended September 30, 2013 and 2012, respectively.  There were no dilutive common stock equivalents during the three or nine-month periods ended September 30, 2013 or 2012.