Shareholders' Equity

3 Months Ended

Mar. 31, 2012

Shareholders Equity

Shareholders' Equity

NOTE 9: Shareholders’ Equity

A regular quarterly cash dividend of $.11 per share was declared on March 22, 2012 for shareholders of record at April 6, 2012, payable April 30, 2012. Income per common share for the three months ended March 31, 2012 and for the three months ended March 31, 2011 was calculated as follows:

	FOR THE THREE MONTHS ENDED MARCH 31, 2012
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	890,726
Basic income available to common shareholders	$	890,726		4,444,943	$	.20
Effect of dilutive options				—
Diluted income available to common shareholders	$	890,726		4,444,943	$	.20

	FOR THE THREE MONTHS ENDED MARCH 31, 2011
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	649,368
Basic income available to common shareholders	$	649,368		4,430,705	$	.14
Effect of dilutive options				6,865
Diluted income available to common shareholders	$	649,368		4,437,570	$	.14

The future payment of cash dividends is subject to the discretion of the Board of Directors and depends upon a number of factors, including future earnings, financial condition, cash requirements, and general business conditions. Cash dividends when declared, are paid by the Bank to the Company for distribution to shareholders of the Company. Certain regulatory requirements restrict the amount of dividends which the Bank can pay to the Company.