Common Shareholders' Equity

3 Months Ended

Mar. 31, 2012

Equity [Abstract]

Shareholders' Equity

8. Shareholders’ Equity

					($000’s omitted except for share data)
	Common stock
	Number of shares issued		Amount		Capital in excess of par value		Retained earnings			ESOP			Treasury Stock			Accumulated Other Comprehensive Loss			Total Shareholders’ Equity
Balance December 31, 2011		2,614,506	$	523	$	13,774	$	12,490		$	(1,266	)	$	(2,210	)	$	(67	)	$	23,244
Net income		-		-		-		63			-			-			-			63
Exercise of Stock Options		-		-		-		(46	)		-			65			-			19
Balance March 31, 2012		2,614,506	$	523	$	13,774	$	12,507		$	(1,266	)	$	(2,145	)	$	(67	)	$	23,326

In January of 2006, the Company’s Board of Directors authorized the purchase by the Company of up to 250,000 shares of its common stock in the open market or in privately negotiated transactions. On October 31, 2008, the Company announced that its Board of Directors authorized the purchase of an additional 200,000 shares of the Company’s common stock under the Company’s current purchase program. As of March 31, 2012, the Company has purchased 238,088 shares and there remain 211,912 shares available to purchase under this program. There were no shares purchased by the Company during the three month periods ended March 31, 2012 and 2011.

During the three month period ended March 31, 2012, one option holder elected to exercise 9,000 options, resulting in 9,000 shares issued out of treasury stock.

Earnings Per Share

Basic earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period plus the number of shares of common stock that would be issued assuming all contingently issuable shares having a dilutive effect on the earnings per share that were outstanding for the period. Incremental shares from assumed conversions are calculated as the number of shares that would be issued, net of the number of shares that could be purchased in the marketplace with the cash received upon stock option exercise.

	Three Months Ended
	March 31,
	2012		2011
	($000’s omitted except per share data)
Net income	$	63	$	418
Weighted average common shares outstanding (basic)		2,077		1,982
Incremental shares from assumed conversions of stock options		44		171
Weighted average common shares outstanding (diluted)		2,121		2,153
Basic
Net income per share	$	0.03	$	0.21
Diluted
Net income per share	$	0.03	$	0.19