3. Earnings per Common Share

9 Months Ended

Sep. 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, if any), 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 September 30,
	2015		2014
Net income, as reported	$	1,439,822	$	1,377,189
Less: dividends to preferred shareholders		20,313		20,313
Net income available to common shareholders	$	1,419,509	$	1,356,876
Weighted average number of common shares
used in calculating earnings per share		4,969,425		4,905,055
Earnings per common share	$	0.29	$	0.28

	Nine Months Ended September 30,
	2015		2014
Net income, as reported	$	3,627,366	$	3,733,140
Less: dividends to preferred shareholders		60,938		60,938
Net income available to common shareholders	$	3,566,428	$	3,672,202
Weighted average number of common shares
used in calculating earnings per share		4,954,381		4,889,086
Earnings per common share	$	0.72	$	0.75