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OUTSTANDING SHARES AND EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2013
OUTSTANDING SHARES AND EARNINGS PER SHARE [Abstract]  
OUTSTANDING SHARES AND EARNINGS PER SHARE
4. 
OUTSTANDING SHARES AND EARNINGS PER SHARE

On January 24, 2013, the Board of Directors of the Company declared a 2% stock dividend payable as of March 29, 2013.  All income per share amounts have been adjusted to give retroactive effect to stock dividends.

Earnings Per Share (EPS)

Basic EPS includes no dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period.  Diluted EPS includes all common stock equivalents ("in-the-money" stock options, unvested restricted stock, stock units, warrants and rights, convertible bonds and preferred stock), which reflects the potential dilution of securities that could share in the earnings of an entity.
 
The following table presents a reconciliation of basic and diluted EPS for the three-month periods ended March 31, 2013 and 2012.

 
Three months ended
 
 
March 31,
 
 
2013
 
 
2012
 
Basic earnings per share:
 
 
 
 
 
 
Net income
 
$
1,363
 
 
$
1,092
 
Preferred stock dividend
 
$
(212
)
 
$
(285
)
Net income available to common stockholders
 
$
1,151
 
 
$
807
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
9,405,851
 
 
 
9,377,213
 
Basic EPS
 
$
0.12
 
 
$
0.09
 
 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
 
Net income
 
$
1,363
 
 
$
1,092
 
Preferred stock dividend
 
$
(212
)
 
$
(285
)
Net income available to common stockholders
 
$
1,151
 
 
$
807
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
9,405,851
 
 
 
9,377,213
 
 
 
 
 
 
 
 
 
Effect of dilutive shares
 
 
30,718
 
 
 
26,968
 
 
 
 
 
 
 
 
 
Adjusted weighted average common shares outstanding
 
 
9,436,569
 
 
 
9,404,181
 
Diluted EPS
 
$
0.12
 
 
$
0.09
 

Stock options which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 321,994 shares and 349,770 shares for the three-month periods ended March 31, 2013 and 2012, respectively.  Non-vested shares of restricted stock not included in the computation of diluted earnings per share because they would have an anti-dilutive effect amounted to 8,398 shares and 21,589 for the three-month periods ended March 31, 2013 and 2012, respectively.