Earnings per Share

6 Months Ended

Jun. 30, 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				Six months ended
	June 30,				June 30,
	2012		2011		2012		2011
Basic earnings per share computation;
Net income applicable to common stock	$	3,753,000	$	3,147,000	$	7,202,000	$	5,977,000
Weighted average common shares outstanding for basic earnings per share		2,886,012		2,915,708		2,890,849		2,916,526
Earnings per share - basic	$	1.30	$	1.08	$	2.49	$	2.05
Diluted earnings per share computation
Net income applicable to common stock	$	3,753,000	$	3,147,000	$	7,202,000	$	5,977,000
Weighted average common shares outstanding for basic earnings per share		2,886,012		2,915,708		2,890,849		2,916,526
Add: Dilutive effects of restricted stock		1,409		-		624		-
Weighted average common shares outstanding for dilutive earnings per share		2,887,421		2,915,708		2,891,473		2,916,526
Earnings per share - dilutive	$	1.30	$	1.08	$	2.49	$	2.05

Restricted stock grants that were anti-dilutive were excluded from net income per share calculations. For the three months ended June 30, 2012 and 2011, 2,447 and 8,847 shares, respectively, related to the restricted stock program were excluded from the diluted earnings per share calculations since they were anti-dilutive. For the six months ended June 30, 2012 and 2011, 4,115 and 8,847 shares, respectively, related to the restricted stock program were excluded from the diluted earnings per share calculations since they were anti-dilutive.