Shareholders' Equity

9 Months Ended

Sep. 30, 2012

Shareholders Equity

Shareholders' Equity

NOTE 9: Shareholders’ Equity

Quarterly cash dividends of $.11 per share were declared on March 22, June 28, and September 27, 2012 for shareholders of record on April 6, July 13, and October 9, 2012, respectively. The dividends were payable April 30, July 31, and October 31, 2012, respectively. Income per common share for the three and nine months ended September 30, 2012 and for the three and nine months ended September 30, 2011 was calculated as follows:

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	893,662
Basic income available to common shareholders	$	893,662		4,495,099	$	.20
Effect of dilutive options				—
Diluted income available to common shareholders	$	893,662		4,495,099	$	.20

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	2,674,655
Basic income available to common shareholders	$	2,674,655		4,445,570	$	.60
Effect of dilutive options				—
Diluted income available to common shareholders	$	2,674,655		4,445,570	$	.60

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	936,973
Basic income available to common shareholders	$	936,973		4,444,355	$	.21
Effect of dilutive options				—
Diluted income available to common shareholders	$	936,973		4,444,355	$	.21

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011
	INCOME (NUMERATOR)		SHARES (DENOMINATOR)		PER SHARE AMOUNT
Net income	$	2,354,377
Basic income available to common shareholders	$	2,354,377		4,438,184	$	.52
Effect of dilutive options				—
Diluted income available to common shareholders	$	2,354,377		4,438,184	$	.52

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.