Earnings per Share

9 Months Ended

Sep. 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		Nine months ended
	September 30,		September 30,
	2014	2013	2014	2013
Net income applicable to common stock	$3,368,000	$3,512,000	$9,909,000	$10,079,000
Basic earnings per share computation
Weighted average common shares outstanding	3,035,214	3,054,226	3,038,973	3,059,520
Earnings per share - basic	$1.11	$1.15	$3.26	$3.29
Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share	3,035,214	3,054,226	3,038,973	3,059,520
Add: Dilutive effects of restricted stock	1,486	1,483	1,427	1,288
Weighted average common shares outstanding for dilutive earnings per share	3,036,700	3,055,709	3,040,400	3,060,808
Earnings per share - diluted	$1.11	$1.15	$3.26	$3.29

For the three months ended September 30, 2014 and 2013, there were 1,938 and 1,037 shares, respectively, 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 $34.70-$50.50 for the three month period ended September 30 2014 and prices ranging from $36.00-$44.50 for the three month period ended September 30, 2013. For the nine months ended September 30, 2014 and 2013, 2,913 and 3,280 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 nine month period ended September 30, 2014 and prices ranging from $34.70-$44.50 for the nine month period ended September 30, 2013.