3. Earnings per Common Share

3 Months Ended

Mar. 31, 2016

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 March 31,
	2016		2015
Net income, as reported	$	1,169,494	$	1,109,841
Less: dividends to preferred shareholders		21,875		20,313
Net income available to common shareholders	$	1,147,619	$	1,089,528
Weighted average number of common shares
used in calculating earnings per share		5,000,144		4,938,500
Earnings per common share	$	0.23	$	0.22