Earnings per Share

3 Months Ended

Mar. 31, 2015

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
	March 31,
	2015	2014
Net income applicable to common stock	$3,120,000	$3,176,000
Basic earnings per share computation
Weighted average common shares outstanding	3,026,265	3,041,923
Earnings per share - basic	$1.03	$1.04
Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share	3,026,265	3,041,923
Add: Dilutive effects of restricted stock	-	194
Weighted average common shares outstanding for dilutive earnings per share	3,026,265	3,042,117
Earnings per share - dilutive	$1.03	$1.04

For the three months ended March 31, 2015 and 2014, there were 4,082 and 2,581 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 $37.10 to $53.50 for the three month period ended March 31, 2015 and prices ranging from $37.35 to $50.15 for the three month period ended March 31, 2014.