Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2013

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,
	2013	2012	2013	2012
Net income applicable to common stock	$3,280,000	$3,753,000	$6,567,000	$7,202,000

Basic earnings per share computation
Weighted average common shares outstanding	3,031,279	3,058,663	3,032,491	3,063,500
Earnings per share - basic	$1.08	$1.23	$2.17	$2.35

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share	3,031,279	3,058,663	3,032,491	3,063,500
Add: Dilutive effects of restricted stock	1,578	1,409	781	624
Weighted average common shares outstanding for dilutive earnings per share	3,032,857	3,060,072	3,033,272	3,064,124
Earnings per share - diluted	$1.08	$1.23	$2.16	$2.35