Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 6: Earnings Per Share

The following table presents reconciliations of the calculations of basic and diluted earnings per common share for the periods indicated:

	Three Months Ended
	March 31,
(In thousands except per share data)	2012		2011
Net income	$	3,613	$	3,101
Weighted average common shares outstanding		6,237		6,188
Dilutive effect of common stock equivalents		15		12
Weighted average common and common equivalent
shares outstanding		6,252		6,200
Basic earnings per common share	$	0.58	$	0.50
Diluted earnings per common share	$	0.58	$	0.50

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding for the three months ended March 31, 2012. For the three months ended March 31, 2012, there were no anti-dilutive stock options outstanding and for the three months ended March 31, 2011 there were anti-dilutive stock options outstanding of 10,000, which were not considered in the calculation of diluted earnings per share because the stock options’ exercise price was greater than the average market price during these periods.