Earnings per Share

9 Months Ended

Sep. 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		Nine Months Ended
	September 30,		September 30,
	2012	2011	2012	2011
Basic earnings per share computation:
Net income applicable to common stock	$3,464,000	$3,378,000	$10,666,000	$9,355,000
Weighted average common shares outstanding	2,908,435	2,945,616	2,915,615	2,945,197
Earnings per share - basic	$1.19	$1.15	$3.66	$3.18
Diluted earnings per share computation:
Net income applicable to common stock	$3,464,000	$3,378,000	$10,666,000	$9,355,000
Weighted average common shares outstanding for basic earnings per share	2,908,435	2,945,616	2,915,615	2,945,197
Add: Dilutive effects of restricted stock	2,066	-	1,762	-
Weighted average common shares outstanding for dilutive earnings per share	2,910,501	2,945,616	2,917,377	2,945,197
Earnings per share - dilutive	$1.19	$1.15	$3.66	$3.18