Earnings Per Share

9 Months Ended

Sep. 30, 2015

Note 5. Earnings Per Share

On September 22, 2014, the Company announced the approval by its Board of Directors of a stock repurchase program authorizing repurchase of up to 400,000 shares of the Company's common shares through September 18, 2015. The Company announced on September 21, 2015 that its Board of Directors extended the program for another year. A total of 265,212 shares at a weighted average price of $22.89 per share have been repurchased since the beginning of the program, with the remaining 134,788 shares available for purchase through September 18, 2016 under the extended program.

The following shows the weighted average number of shares used in computing earnings per share and the effect on weighted average number of shares of diluted potential common stock for the three months and nine months ended September 30, 2015 and 2014. Potential dilutive common stock equivalents have no effect on net income available to common shareholders.

Three Months Ended	September 30, 2015						September 30, 2014
(dollars in thousands, except per share data)				Weighted		Per				Weighted		Per
			Average		Share				Average		Share
	Net Income		Shares		Amount		Net Income		Shares		Amount
Basic earnings per share	$	839		2,435,874	$	0.34	$	382		2,697,674	$	0.14
Effect of dilutive stock options		-		9,806		-		-		14,875		-
Diluted earnings per share	$	839		2,445,680	$	0.34	$	382		2,712,549	$	0.14

Nine Months Ended	September 30, 2015						September 30, 2014
(dollars in thousands, except per share data)				Weighted		Per				Weighted		Per
			Average		Share				Average		Share
	Net Income		Shares		Amount		Net Income		Shares		Amount
Basic earnings per share	$	2,021		2,566,308	$	0.79	$	1,333		2,694,487	$	0.49
Effect of dilutive stock options		-		9,609		-		-		10,870		-
Diluted earnings per share	$	2,021		2,575,917	$	0.79	$	1,333		2,705,357	$	0.49

For the periods ended September 30, 2015, and September 30, 2014, option shares totaling 124,754 and 111,260, respectively, were considered anti-dilutive and were excluded from this calculation.