EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 4: EARNINGS PER SHARE

Earnings per share have been computed based upon the weighted average common shares outstanding.

	Nine Months Ended September 30, 2013						Nine Months Ended September 30, 2012
	Income		Weighted Average Shares		Per Share Amount		Income		Weighted Average Shares		Per Share Amount
	(Unaudited; In Thousands, Except Share Amounts)
Basic earnings per share
Income available to common stockholders	$	3,058		1,526,616	$	2.00	$	1,857		1,515,587	$	1.23
Effect of dilutive stock options				4,791						2,021
Diluted earnings per share Income available to common stockholders and assumed conversions	$	3,058		1,531,407	$	2.00	$	1,857		1,517,608	$	1.22

	Three Months Ended September 30, 2013						Three Months Ended September 30, 2012
	Income		Weighted Average Shares		Per Share Amount		Income		Weighted Average Shares		Per Share Amount
	(Unaudited; In Thousands, Except Share Amounts)
Basic earnings per share
Income available to common stockholders	$	1,045		1,528,889	$	.68	$	755		1,517,793	$	.50
Effect of dilutive stock options				5,028						2,378
Diluted earnings per share Income available to common stockholders and assumed conversions	$	1,045		1,533,917	$	.68	$	755		1,520,171	$	.50

Net income for the nine-month period ending September 30, 2013, of $3,330,000 was reduced by $272,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $3,058,000. For the nine-month period ending September 30, 2012, net income of $2,129,000 was reduced by $272,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $1,857,000.

Net income for the three-month period ending September 30, 2013, of $1,136,000 was reduced by $91,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $1,045,000. For the three-month period ending September 30, 2012, net income of $846,000 was reduced by $91,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $755,000.

Certain groups of options were not included in the computation of diluted earnings per share because the option price was greater than the average market price of the common shares. For the three-month and nine-month periods ended September 30, 2012, options to purchase 5,000 shares at an exercise price of $22.25 per share were outstanding and were not included in the computation of diluted earnings for those periods.  For the same periods ending September 30, 2013, there were no options excluded.