Note 7 - Basic And Diluted Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Text Block]

Earnings Per Share [Text Block]

NOTE 7 – BASIC AND DILUTED EARNINGS PER SHARE

(In thousands of dollars except per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Earnings per share
Net income	$	3,343	$	2,404	$	6,206	$	4,821
Preferred stock dividends and accretion of discount		266		420		481		840
Income available to common shareholders	$	3,077	$	1,984	$	5,725	$	3,981
Weighted average common shares outstanding (000)		8,064		7,928		8,033		7,912
Basic Earnings per Share	$	0.38	$	0.25	$	0.71	$	0.50
Earnings per share assuming dilution
Net income	$	3,343	$	2,404	$	6,206	$	4,821
Preferred stock dividends and accretion of discount		266		420		481		840
Income available to common shareholders	$	3,077	$	1,984	$	5,725	$	3,981
Weighted average common shares outstanding (000)		8,064		7,928		8,033		7,912
Add dilutive effect of assumed exercises of options		55		67		52		15
Weighted average common and dilutive potential common shares outstanding (000)		8,119		7,995		8,085		7,927
Diluted Earnings per Share	$	0.38	$	0.25	$	0.71	$	0.50

Stock options for 218,040 shares for the three and six months of 2013, were not considered in computing diluted earnings per share because they were anti-dilutive. Stock options and warrants for 255,182 shares for the three months and 872,079 for the six months of 2012, were not considered in computing diluted earnings per share because they were anti-dilutive.