Earnings per Share

3 Months Ended

Mar. 31, 2012

Earnings per Share [Abstract]

Earnings per Share

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.

	Three months ended
	March 31,
	2012	2011
Basic earnings per share computation
Net income applicable to common stock	$3,449,000	$2,830,000
Weighted average common shares outstanding	2,895,810	2,917,353
Earnings per share - basis	$1.19	$0.97
Diluted earnings per share computation
Net income applicable to common stock	$3,449,000	$2,830,000
Weighted average common shares outstanding for basic earnings per share	2,895,810	2,917,353
Add: Dilutive effects of restricted stock	165	-
Weighted average common shares outstanding for dilutive earnings per share	2,895,975	2,917,353
Earnings per share - dilutive	$1.19	$0.97

Restricted stock grants that were anti-dilutive were excluded from net income per share calculations. For the three months ended March 31, 2012 and 2011, 3,073 and 10,389 shares, respectively, related to the restricted stock program were excluded from the diluted earnings per share calculations since they were anti-dilutive.