Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2013

Earnings Per Common Share (EPS)

Earnings Per Common Share (EPS)

4. Earnings Per Common Share (EPS)

Basic EPS is calculated using net income divided by the weighted average of common shares outstanding.  Diluted EPS is similar to Basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares, such as those shares subject to options, had been issued.

Shares used in the calculation of diluted EPS are summarized below:

	Three Months Ended
	Sep 30, 2013	Sep 30, 2012
Weighted average common shares outstanding	2,008,836	1,989,307
Dilutive effect of stock options	6,289	4,122
Weighted average common and common equivalent shares outstanding	2,015,125	1,993,429

	Nine Months Ended
	Sep 30, 2013	Sep 30, 2012
Weighted average common shares outstanding	2,005,702	1,986,798
Dilutive effect of stock options	4,632	3,687
Weighted average common and common equivalent shares outstanding	2,010,334	1,990,485

There were no anti-dilutive options outstanding during the three and nine months ended September 30, 2013 and 2012.