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Earnings Per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 5 EARNINGS PER SHARE

Basic earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated from common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain non-forfeitable rights to dividends are considered participating securities (i.e. unvested restricted stock), not subject to performance based measures. Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding (inclusive of participating securities). Application of the two-class method for participating securities results a more dilutive basic earnings per share as the participating securities are allocated the same amount of income as if they are outstanding for purposes of basic earnings per share. There is no additional potential dilution in calculating diluted earnings per share, therefore basic and diluted earnings per share are the same amounts. Other than the restricted stock plan, the Company has no other stock based compensation plans.

 

     Year Ended  
     March 31,
2015		      March 31,
2014		  

Earnings per share

      

Net income

    $ 2,351       $ 1,958   

Less: distributed earnings allocated to participating securities

      (7 )     $ (7 ) 
  

 

 

     

 

 

  

Net earnings available to common shareholders

 $ 2,344    $ 1,951   
  

 

 

     

 

 

  

Weighted average common shares outstanding including participating securities

   4,623,322      4,637,172   

Less: average unvested resticted shares

   (32,923 )    (31,680 ) 
  

 

 

     

 

 

  

Weighted average common shares outstanding

   4,590,399      4,605,492   
  

 

 

     

 

 

  

Basic earnings and diluted per share

 $ 0.51    $ 0.42