EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE

3. EARNINGS PER SHARE

Earnings Per Share - Basic earnings per share is determined by dividing net income for the period by the weighted average number of common shares.  Diluted earnings per share considers the potential effects of the exercise of outstanding stock options under the Company’s stock option plans.

The following reflects earnings per share calculations for basic and diluted methods:

	Three Months Ended
	March 31,
	2014		2013
Net income	$	839,789	$	1,012,448
Basic average shares outstanding		1,794,635		1,877,873
Diluted potential common shares:
Stock option equivalents		7,335		272
Diluted average shares outstanding		1,801,970		1,878,145
Basic earnings per share	$	0.47	$	0.54
Diluted earnings per share	$	0.47	$	0.54

Stock options for 104,035 shares of common stock were not considered in computing diluted earnings per share for the three month period ending March 31, 2013, because they were anti-dilutive.