EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 5 — EARNINGS PER SHARE

The following tables illustrate the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations (dollars in thousands, except share and per share data):

	For the three months ended September 30, 2013
	Income (numerator)		Weighted average shares (denominator)		Per share Amount
Basic earnings per share
Income available to common stockholders	$	1,966		3,051,581	$	0.64
Effect of dilutive securities
Stock options and grants		—		3,903		—
Diluted earnings per share
Income available to common stockholders plus effect of dilutive securities	$	1,966		3,055,484	$	0.64

	For the nine months ended September 30, 2013
	Income (numerator)		Weighted average shares (denominator)		Per share Amount
Basic earnings per share
Income available to common stockholders	$	4,989		2,845,608	$	1.75
Effect of dilutive securities
Stock options and grants		—		1,316		—
Diluted earnings per share
Income available to common stockholders plus effect of dilutive securities	$	4,989		2,846,924	$	1.75

There were 31,963 options to purchase shares of common stock with exercise prices ranging from $25.71 to $32.51 per share which were outstanding during the three and nine months ended September 30, 2013 that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock.

	For the three months ended September 30, 2012
	Income (numerator)		Weighted average shares (denominator)		Per share Amount
Basic earnings per share
Income available to common stockholders	$	1,473		2,728,534	$	0.54
Effect of dilutive securities
Stock options and grants		—		3,119		—
Diluted earnings per share
Income available to common stockholders plus effect of dilutive securities	$	1,473		2,731,653	$	0.54

	For the nine months ended September 30, 2012
	Income (numerator)		Weighted average shares (denominator)		Per share Amount
Basic earnings per share
Income available to common stockholders	$	3,877		2,723,703	$	1.42
Effect of dilutive securities
Stock options and grants		—		3,668		—
Diluted earnings per share
Income available to common stockholders plus effect of dilutive securities	$	3,877		2,727,371	$	1.42

There were 65,337 options to purchase shares of common stock with exercise prices ranging from $23.53 to $32.51 per share which were outstanding during the three and nine months ended September 30, 2012 that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock.