EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

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.

	Three Months Ended March 31, 2014					Three Months Ended March 31, 2013
	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	$	975	1,533,333	$	.64	$	916	1,524,872	$	.60
Effect of dilutive stock options			4,636					3,940
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	975	1,537,969	$	.63	$	916	1,528,812	$	.60

Net income for the three-month period ended March 31, 2014, of $1,066,000 was reduced by $91,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $975,000. For the three-month period ending March 31, 2013, net income of $1,006,000 was reduced by $90,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $916,000.

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 period ended March 31, 2013, 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 that period. For the same period ended March 31, 2014, there were no options excluded.