EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

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 March 31, 2014
			Weighted
			average
	Income		shares		Per share
	(numerator)		(denominator)		Amount
Basic earnings per share
Income available to common stockholders	$	1,381		3,061,790	$	0.45
Effect of dilutive securities
Stock options and grants		—		18,869		—
Diluted earnings per share
Income available to common stockholders plus effect of      dilutive securities	$	1,381		3,080,659	$	0.45

There were 71,500 options to purchase shares of common stock with an exercise price of $30.03 per share which were outstanding during the three months ended March 31, 2014 that were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares.

	For the three months ended March 31, 2013
			Weighted
			average
	Income		shares		Per share
	(numerator)		(denominator)		Amount
Basic earnings per share
Income available to common stockholders	$	1,223		2,738,375	$	0.45
Effect of dilutive securities
Stock options and grants		—		3,514		—
Diluted earnings per share
Income available to common stockholders plus effect of      dilutive securities	$	1,223		2,741,889	$	0.45

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 months ended March 31, 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 shares.