Earnings per Share

9 Months Ended

Sep. 30, 2011

Note 2 - Earnings per Share

The following table sets forth the computation of earnings per share. Earnings per share calculations give retroactive effect to stock dividends declared by the Company. The Company has no dilutive securities.

	Three months ended				Nine months ended
	September 30,				September 30,
	2011		2010		2011		2010

Net income applicable to common stock	$	3,378,000	$	2,897,000	$	9,355,000	$	8,570,000
Weighted average common shares outstanding		2,917,158		2,920,307		2,916,739		2,924,746

Earnings per share	$	1.16	$	0.99	$	3.21	$	2.93