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EARNINGS PER SHARE
 3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
EARNINGS PER SHARE    
EARNINGS PER SHARE

 

5.  EARNINGS PER SHARE

 

Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period.  Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock based compensation agreements.

 

The factors used in the earnings per share computation follow:

 

 

 

Three Months Ended

 

 

 

March 31

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Basic Earnings Per Share

 

 

 

 

 

Net Income

 

$
1,515 

 

$
1,771 

 

Weighted average common shares outstanding

 
2,708 

 
2,702 

 

Basic earnings per share

 

$
0.56 

 

$
0.66 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

 

 

 

 

Net Income

 

$
1,515 

 

$
1,771 

 

Weighted average common shares outstanding

 
2,708 

 
2,702 

 

Weighted average common and dilutive potential common shares outstanding

 
2,708 

 
2,702 

 

Diluted earnings per share

 

$
0.56 

 

$
0.66 

 

 

Stock options for 2,400 shares of common stock for the three months ended March 31, 2015 and 12,725 shares of common stock for the three months ended March 31, 2014 were excluded from diluted earnings per share because their impact was antidilutive.

 

 

NOTE 13 - EARNINGS PER SHARE

 

The factors used in the earnings per share computation follow:

 

 

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

 

 

 

 

 

 

Net income

 

$
7,070,718 

 

$
5,821,874 

 

$
7,007,562 

 

Weighted average common shares outstanding

 
2,720,838 

 
2,704,606 

 
2,705,456 

 

Basic earnings per share

 

$
2.60 

 

$
2.15 

 

$
2.59 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

 

 

 

 

 

 

Net income

 

$
7,070,718 

 

$
5,821,874 

 

$
7,007,562 

 

Weighted average common shares outstanding

 
2,720,838 

 
2,704,606 

 
2,705,456 

 

Add effect of dilutive shares

 

—

 
3,980 

 
2,146 

 

Weighted average common shares outstanding including dilutive shares

 
2,720,838 

 
2,708,586 

 
2,707,602 

 

Diluted earnings per share

 

$
2.60 

 

$
2.15 

 

$
2.59 

 

 

Stock options of 12,625 shares common stock from 2014, 19,100 shares common stock from 2013 and 28,460 shares common stock from 2012 were excluded from diluted earnings per share because their impact was antidilutive.  Stock grants of 0 shares common stock from 2014, 0 shares common stock from 2013 and 585 shares common stock from 2012 were excluded from diluted earnings per share because their impact was antidilutive.