Earnings Per Share

12 Months Ended

Dec. 31, 2015

The following shows the weighted-average number of shares used in computing earnings per share and the effect on weighted-average number of shares of diluted potential common stock. Potential dilutive common stock had no effect on income available to common stockholders.



	2015			2014			2013
	Shares	Per Share Amount		Shares	Per Share Amount		Shares	Per Share Amount
Earnings per share, basic	7,147,390	$	1.10	7,106,171	$	1.07	7,074,410	$	0.87
Effect of dilutive securities:
Stock options	6,805			6,939			14,887
Warrant (See note 23)	13,192			13,491			17,849
Earnings per share, diluted	7,167,387	$	1.09	7,126,601	$	1.06	7,107,146	$	0.87

In 2015, 2014, and 2013, there were no shares that would have been considered anti-dilutive.

On September 15, 2015, the Company's Board of Directors authorized the repurchase of up to $10 million of the Company’s common stock. The repurchase program was effective immediately and runs through December 31, 2017. This program replaces the previous repurchase program adopted in 1999, pursuant to which the Company had 24,084 shares remaining eligible for repurchase. As of December 31, 2015, the Company had executed and settled transactions to repurchase 77,500 shares, totaling $1.4 million, for an average price of $18.37. Since December 31, 2015, the Company has executed and settled transactions to repurchase 26,800 shares at a cost of $489,000.