Earnings per Share

9 Months Ended

Sep. 30, 2013

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,
	2013	2012	2013	2012
Net income applicable to common stock	$3,512,000	$3,464,000	$10,079,000	$10,666,000
Basic earnings per share computation
Weighted average common shares outstanding	3,024,507	3,052,628	3,029,801	3,059,808
Earnings per share - basic	$1.16	$1.13	$3.33	$3.49
Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share	3,024,507	3,052,628	3,029,801	3,059,808
Add: Dilutive effects of restricted stock	1,483	2,066	1,288	1,762
Weighted average common shares outstanding for dilutive earnings per share	3,025,990	3,054,694	3,031,089	3,061,570
Earnings per share - diluted	$1.16	$1.13	$3.33	$3.48

For the three months ended September 30, 2013 and 2012, there were 1,037 and 0 shares, respectively, related to the restricted stock program that were excluded from the diluted earnings per share calculations since they were anti-dilutive. For the nine months ended September 30, 2013 and 2012, 3,280 and 3,419 shares, respectively, related to the restricted stock program were excluded from the diluted earnings per share calculations since they were anti-dilutive.