Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 21          Earnings Per Share

Basic earnings per share of common stock are based on the weighted average number of common shares outstanding during the period. Unvested but issued restricted shares are considered to be outstanding shares and used to calculate the weighted average number of shares outstanding and determine net book value per share. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares adjusted for the dilutive effect of outstanding stock options. On June 19, 2012, PSB declared a 5% stock dividend to shareholders of record July 16, 2012, which was paid in the form of additional common stock on July 30, 2012. All references in the accompanying consolidated financial statements and footnotes to the number of common shares and per share amounts have been restated to reflect the 5% stock dividend for all periods shown. The computation of earnings per share for the years ended December 31 is as follows:

	2014		2013		2012
Weighted average shares outstanding		1,651,045		1,652,700		1,663,147
Effect of dilutive stock options outstanding		0		0		58
Diluted weighted average shares outstanding		1,651,045		1,652,700		1,663,205
Basic earnings per share	$	3.90	$	2.87	$	3.61
Diluted earnings per share	$	3.90	$	2.87	$	3.61