Shareholders' Equity

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Shareholders' Equity

9. 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, 2012		2,614,506	$	523	$	13,987	$	11,771		($	1,165	)	($	1,765	)	($	85	)	$	23,266
Net income		-		-		-		177			-			-			-			177
Purchase of treasury shares		-		-		-		-			-			(144	)		-			(144	)
Exercise of stock options, net of tax benefit		-		-		21		(39	)		-			109			-			91
Balance March 31, 2013		2,614,506	$	523	$	14,008	$	11,909		($	1,165	)	($	1,800	)	($	85	)	$	23,390

In January 2006, the Board of Directors authorized the purchase of up to 250,000 shares of the Company’s outstanding 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, 2013, the Company has purchased 268,777 shares and there remain 181,223 shares available to purchase under this program. There were 16,952 shares purchased by the Company during the three month period ended March 31, 2013.

In the first quarter of 2013 certain option holders elected to exercise 15,000 options.  These shares were issued out of treasury stock for net proceeds of approximately $70,000. Such transactions were properly reported on Form 4 with the Securities and Exchange Commission. A tax benefit to the Company of approximately $21,000 associated with these transactions reduced taxes payable and was credited directly to capital in excess of par value.

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,
	2013		2012
	($000’s omitted except per share data)
Income from continuing operations	$	177	$	275
Loss from discontinued operations		-		(212	)
Net income	$	177	$	63
Weighted average common shares outstanding (basic)		2,155		2,077
Incremental shares from assumed conversions of stock options		1		44
Weighted average common shares outstanding (diluted)		2,156		2,121
Basic
Income per share from continuing operations	$	0.08	$	0.13
Loss per share from discontinued operations		-		(0.10	)
Total net income per share	$	0.08	$	0.03
Diluted
Income per share from continuing operations	$	0.08	$	0.13
Loss per share from discontinued operations		-		(0.10	)
Total net income per share	$	0.08	$	0.03