Income Per Common Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Income Per Common Share

Note 11: Income Per Common Share

Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted earnings per share are computed by dividing net income by the weighted-average number of common shares and potential common shares outstanding. Potential common shares consist of dilutive stock options determined using the treasury stock method and the average market price of common stock.

The following table is a summary of dividends declared during the nine months ended September 30, 2015 and the nine months ended September 30, 2014.

Quarterly Dividend	Date Declared	Date of Record	Date Payable
$.13	March 26, 2015	April 7, 2015	April 30, 2015
$.13	June 25, 2015	July 6, 2015	July 31, 2015
$.13	September 24, 2015	October 5, 2015	October 30, 2015

Quarterly Dividend	Date Declared	Date of Record	Date Payable
$.13	March 27, 2014	April 8, 2014	April 30, 2014
$.13	June 26, 2014	July 7, 2014	July 31, 2014
$.13	September 25, 2014	October 8, 2014	October 31, 2014
Special $.10	September 25, 2014	October 8, 2014	October 31, 2014

Income per common share for the three and nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014 was calculated as follows:

All shares have been adjusted to reflect a 10% stock dividend declared August 27, 2015.

	For The Three Months Ended September 30, 2015
	Income (Numerator)		Shares Weighted Average (Denominator)		Per Share Amount
Net income	$	1,198,919
Basic income available to common shareholders	$	1,198,919		4,915,610	$	.24
Effect of dilutive options				146,075
Diluted income available to common shareholders	$	1,198,919		5,061,685	$	.24

	For The Nine Months Ended September 30, 2015
	Income (Numerator)		Shares Weighted Average (Denominator)		Per Share Amount
Net income	$	3,657,316
Basic income available to common shareholders	$	3,657,316		4,911,142	$	.74
Effect of dilutive options				151,553
Diluted income available to common shareholders	$	3,657,316		5,062,695	$	.72

	For The Three Months Ended September 30, 2014
	Income (Numerator)		Shares Weighted Average (Denominator)		Per Share Amount
Net income	$	1,141,713
Basic income available to common shareholders	$	1,141,713		4,907,203	$	.23
Effect of dilutive options				112,879
Diluted income available to common shareholders	$	1,141,713		5,020,082	$	.23

	For The Nine Months Ended September 30, 2014
	Income (Numerator)		Shares Weighted Average (Denominator)		Per Share Amount
Net income	$	3,207,438
Basic income available to common shareholders	$	3,207,438		4,907,203	$	.65
Effect of dilutive options				112,702
Diluted income available to common shareholders	$	3,207,438		5,019,905	$	.64

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. The Bank’s ability to pay dividends to the Company is restricted by the laws and regulations of the State of South Carolina. Generally, these restrictions allow the Bank to pay dividends from current earnings without the prior written consent of the South Carolina Commissioner of Banking, if it received a satisfactory rating at its most recent examination.