Note 7 - Basic And Diluted Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 7 – BASIC AND DILUTED EARNINGS PER SHARE

(In thousands of dollars except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Earnings per share
Net income	$	2,869	$	2,715	$	9,075	$	7,536
Preferred stock dividends and accretion of discount		0		220		481		1,060
Income available to common shareholders	$	2,869	$	2,495	$	8,594	$	6,476
Weighted average common shares outstanding (000)		8,073		7,948		8,047		7,924
Basic Earnings per Share	$	0.36	$	0.31	$	1.07	$	0.82
Earnings per share assuming dilution
Net income	$	2,869	$	2,715	$	9,075	$	7,536
Preferred stock dividends and accretion of discount		0		220		481		1,060
Income available to common shareholders	$	2,869	$	2,495	$	8,594	$	6,476
Weighted average common shares outstanding (000)		8,073		7,948		8,047		7,924
Add dilutive effect of assumed exercises of options		62		40		55		20
Weighted average common and dilutive potential common shares outstanding (000)		8,135		7,988		8,102		7,944
Diluted Earnings per Share	$	0.35	$	0.31	$	1.06	$	0.82

Stock options for 216,814 shares for the three and nine months of 2013, were not considered in computing diluted earnings per share because they were anti-dilutive. Stock options and warrants for 254,497 shares for the three months and 292,447 for the nine months of 2012, were not considered in computing diluted earnings per share because they were anti-dilutive.