EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 3: EARNINGS PER SHARE

The Corporation has granted stock compensation awards with non-forfeitable dividend rights, which are considered participating securities. Accordingly, earnings per share (“EPS”) is computed using the two-class method as required by ASC 260-10-45. Basic EPS is computed by dividing net income allocated to common stock by the weighted average number of common shares outstanding during the period, which excludes the participating securities. ESOP shares are not considered outstanding for EPS computation purposes until they are earned. The following table presents the computation of basic and diluted EPS for the periods indicated:

	Three Months EndedMarch 31,
	2015		2014
Net income	$	1,453	$	1,066
Allocated to preferred stock		-		91
Allocated to participating securities		14		-
Net income allocated to common shareholders	$	1,439	$	975
Weighted average common shares outstanding, gross		2,513,696		1,533,333
Less:  Average participating securities		24,000		-
Weighted average common shares outstanding, net		2,489,696		1,533,333
Effect of diluted based awards		2,834		4,636
Weighted average shares and common stock equivalents		2,492,530		1,537,969
Basic	$	.58	$	.64
Diluted	$	.58	$	.63
Options excluded from the calculation due to their anti-dilutive effect on earnings per share		30,000		-