Earnings per Share

3 Months Ended

Mar. 31, 2016

Note 2 - Earnings per Share

The following table sets forth the computation of earnings per share.

	Three months ended
	March 31,
	2016		2015
Net income applicable to common stock	$	3,283,000	$	3,120,000

Basic earnings per share computation
Weighted average common shares outstanding		3,323,949		3,026,265
Earnings per share - basic	$	0.99	$	1.03

Diluted earnings per share computation
Weighted average common shares outstanding for basic earnings per share		3,323,949		3,026,265
Add: Dilutive effects of restricted stock		-		-
Weighted average common shares outstanding for dilutive earnings per share		3,323,949		3,026,265
Earnings per share - diluted	$	0.99	$	1.03

For the three months ended March 31, 2016 and 2015, there were 5,325 and 4,082 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 $46.69 to $53.15 for the three month period ended March 31, 2016 and prices ranging from $37.10 to $53.50 for the three month period ended March 31, 2015.