Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Note 5 -  Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for each period.  Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued.  Potential common shares that may be issued by Bancorp relate to outstanding stock options, warrants, and convertible preferred stock, and are determined using the treasury stock method.

Not included in the diluted earnings per share calculation for the three and nine month periods ended September 30, 2014, because they were anti-dilutive, were 125,000 shares of common stock issuable upon exercise of outstanding stock options, 556,976 shares of common stock issuable upon the exercise of a warrant and 437,500 shares of common stock issuable upon conversion of Bancorp’s Series A Preferred Stock.  There was no dilution during the 2013 periods, as dilution does not apply to loss periods.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Common shares – weighted average (basic)		10,067,379		10,066,679		10,067,379		10,066,679
Common share equivalents – weighted average		34,066		-		35,968		-
Common shares – weighted average (diluted)		10,101,445		10,066,679		10,103,347		10,066,679