Note 7: Earnings Per Share

3 Months Ended

Mar. 31, 2013

Notes

Note 7: Earnings Per Share

Note 7:  Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three months ended
	March 31,
	2013	2012
Net income	$2,466,110	$2,176,042
Dividend payable on preferred stock	50,000	50,000
Net income available to common shareholders	$2,416,110	$2,126,042
Average Common shares – outstanding basic	3,254,040	3,246,778
Stock options under treasury stock method	135,101	94,532
Average Common shares – outstanding diluted	3,389,141	3,341,310
Basic earnings per common share	$0.74	$0.65
Diluted earnings per common share	$0.71	$0.64

	Nine months ended
	March 31,
	2013	2012
Net income	$7,537,284	$7,700,874
Charge for early redemption of preferred stock issued at discount	-	94,365
Dividend payable on preferred stock	295,115	307,746
Net income available to common shareholders	$7,242,169	$7,298,763
Average Common shares – outstanding basic	3,250,573	2,645,925
Stock options under treasury stock method	132,065	89,258
Average Common shares – outstanding diluted	3,382,638	2,735,183
Basic earnings per common share	$2.23	$2.76
Diluted earnings per common share	$2.14	$2.67

At March 31, 2013 and 2012, no options outstanding had an exercise price exceeding the market price.