3. Earnings per Common Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Note 3. Earnings per Common Share

Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury.

The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock:

	Three Months Ended June 30,
	2015		2014
Net income, as reported	$	1,077,704	$	1,284,386
Less: dividends to preferred shareholders		20,312		20,312
Net income available to common shareholders	$	1,057,392	$	1,264,074
Weighted average number of common shares
used in calculating earnings per share		4,954,879		4,889,257
Earnings per common share	$	0.21	$	0.26
	Six Months Ended June 30,
		2015		2014
Net income, as reported	$	2,187,544	$	2,355,951
Less: dividends to preferred shareholders		40,625		40,625
Net income available to common shareholders	$	2,146,919	$	2,315,326
Weighted average number of common shares
used in calculating earnings per share		4,946,734		4,880,969
Earnings per common share	$	0.43	$	0.47