Earnings per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

3. Earnings per Common Share

Basic earnings per common share (EPS) excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares for assumed issuance of restricted stock and shares issued under stock options.

The factors used in the Corporation’s earnings per common share computation follow:

(Dollar amounts in thousands, except for per share amounts)	For the three months ended				For the six months ended
	June 30,				June 30,
	2013		2012		2013		2012
Earnings per common share - basic
Net income	$	939	$	1,256	$	1,797	$	2,294
Less: Preferred stock dividends		125		125		250		250
Net income available to common stockholders	$	814	$	1,131	$	1,547	$	2,044
Average common shares outstanding		1,762,158		1,751,908		1,761,546		1,751,908
Basic earnings per common share	$	0.46	$	0.65	$	0.88	$	1.17
Earnings per common share - diluted
Net income available to common stockholders	$	814	$	1,131	$	1,547	$	2,044
Average common shares outstanding		1,762,158		1,751,908		1,761,546		1,751,908
Add: Dilutive effects of assumed exercises     of restricted stock and stock options		14,223		-		13,350		-
Average shares and dilutive potential common     shares		1,776,381		1,751,908		1,774,896		1,751,908
Diluted earnings per common share	$	0.46	$	0.65	$	0.87	$	1.17
Stock options and restricted stock awards not     considered in computing diluted earnings     per share because they were antidilutive		67,000		84,000		67,000		84,000