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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 12 - EARNINGS PER SHARE

The following table sets forth the computations of basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 
2013 

 
2012 

 
2011 

 

(In Thousands, Except Per Share Data

 

 

 

 

 

 

 

 

 

Numerator, net income

$
8,465 

 

$
8,403 

 

$
7,356 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share, weighted

 

 

 

 

 

 

 

 

average shares

 
3,627 

 

 
3,608 

 

 
3,380 

Effect of dilutive securities, employee stock options

 
5 

 

 
6 

 

 
3 

 

 

 

 

 

 

 

 

 

Denominator for diluted earnings per share, adjusted weighted average

 

 

 

 

 

 

 

 

shares and assumed conversions

 
3,632 

 

 
3,614 

 

 
3,383 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$
2.33 

 

$
2.33 

 

$
2.17 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$
2.33 

 

$
2.33 

 

$
2.17 

 

Stock options which had no intrinsic value because their effect would be anti-dilutive and therefore would not be included in the diluted EPS calculation were 129,000,  112,000, and 172,700 for the years ended December 31, 2013, 2012 and 2011, respectively.  All share and per share data have been restated to give retroactive effect to the 10% stock dividend paid in 2013.