Earnings per Share

6 Months Ended

Jun. 30, 2014

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,
	2014		2013		2014		2013
Net income applicable to common stock	$	3,365,000	$	3,280,000	$	6,541,000	$	6,567,000
Basic earnings per share computation
Weighted average common shares outstanding		3,039,734		3,060,998		3,040,822		3,062,210
Earnings per share - basic	$	1.11	$	1.07	$	2.15	$	2.14
Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		3,039,734		3,060,998		3,040,822		3,062,210
Add: Dilutive effects of restricted stock		927		1,578		405		781
Weighted average common shares outstanding for dilutive earnings per share		3,040,661		3,062,576		3,041,227		3,062,991
Earnings per share - diluted	$	1.11	$	1.07	$	2.15	$	2.14

For the three months ended June 30, 2014, there were 2,188 shares related to the restricted stock program that were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $50.15-$50.50. There were no anti-dilutive securities for the three month period ended June 30, 2013. For the six months ended June 30, 2014 and 2013, 2,409 and 1,415 shares, respectively, related to the restricted stock program were excluded from the diluted earnings per share calculations since they were anti-dilutive. These anti-dilutive shares had prices ranging from $34.70-$50.50 for the six month period ended June 30, 2014 and prices ranging from $36.00-$44.50 for the six month period ended June 30, 2013.