Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

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Earnings Per Share
9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 8 - Earnings Per Share

Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. A reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the three and nine months ended September 30, 2012 and 2011 are as follows:

 

(Dollars in thousands, except per share data)
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
Basic earnings per common share:                                
Net income as reported   $ 2,256     $ 1,130     $ 5,230     $ 3,981  
Weighted average common shares outstanding     2,840,899       2,832,648       2,839,375       2,831,068  
Basic earnings per common share   $ 0.79     $ 0.40     $ 1.84     $ 1.41  
Diluted earnings per common share:                                
Net income as reported   $ 2,256     $ 1,130     $ 5,230     $ 3,981  
Weighted average common shares outstanding     2,840,899       2,832,648       2,839,375       2,831,068  
Add:  Dilutive effect of assumed stock option exercises     -       -       -       -  
Weighted average common and dilutive                                
potential common shares outstanding     2,840,899       2,832,648       2,839,375       2,831,068  
Diluted earnings per common share   $ 0.79     $ 0.40     $ 1.84     $ 1.41