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Earnings per Share | 6 Months Ended
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Jun. 30, 2013
Earnings per Share |
Earnings per Share | (11) Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares that were outstanding during the year. The calculations of basic and diluted earnings per share are as follows for the periods indicated:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Basic earnings per common share: |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,812,283 |  | $ | 740,031 |  | $ | 1,675,734 |  | $ | 2,190,766 |
Less: |  |  |  |  |  |  |  |  |
Preferred stock dividends |  | 114,093 |  | 295,723 |  | 337,210 |  | 665,506 |
Accretion of discount on preferred stock |  | 206,166 |  | 396,380 |  | 278,039 |  | 515,499 |
Net income available to common shareholders |  | $ | 1,492,024 |  | $ | 47,928 |  | $ | 1,060,485 |  | $ | 1,009,761 |
Basic earnings per share |  | $ | 0.30 |  | $ | 0.01 |  | $ | 0.21 |  | $ | 0.20 |
Diluted earnings per common share: |  |  |  |  |  |  |  |  |
Net income |  | $ | 1,812,283 |  | $ | 740,031 |  | $ | 1,675,734 |  | $ | 2,190,766 |
Less: |  |  |  |  |  |  |  |  |
Preferred stock dividends |  | 114,093 |  | 295,723 |  | 337,210 |  | 665,506 |
Accretion of discount on preferred stock |  | 206,166 |  | 396,380 |  | 278,039 |  | 515,499 |
Net income available to common shareholders |  | $ | 1,492,024 |  | $ | 47,928 |  | $ | 1,060,485 |  | $ | 1,009,761 |
Average shares outstanding |  | 5,032,679 |  | 5,032,679 |  | 5,032,679 |  | 5,032,679 |
Effect of dilutive stock options |  | 0 |  | 0 |  | 0 |  | 0 |
Average shares outstanding including dilutive stock options |  | 5,032,679 |  | 5,032,679 |  | 5,032,679 |  | 5,032,679 |
Diluted earnings per share |  | $ | 0.30 |  | $ | 0.01 |  | $ | 0.21 |  | $ | 0.20 |
Under the treasury stock method, outstanding stock options are dilutive when the average market price of the Company’s common stock, when combined with the effect of any unamortized compensation expense, exceeds the option price during the period, except when the Company has a loss from continuing operations available to common shareholders. In addition, proceeds from the assumed exercise of dilutive options along with the related tax benefit are assumed to be used to repurchase common shares at the average market price of such stock during the period. The following options to purchase shares during the three and six months ended June 30, 2013 and 2012 were not included in the respective computations of diluted earnings per share because the exercise price of the option, when combined with the effect of the unamortized compensation expense, was greater than the average market price of the common shares and were considered anti-dilutive. The warrant to purchase common stock was repurchased by the Company on June 11, 2013. See Note 10 for additional information.
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Anti-dilutive shares - option shares |  | 188,491 |  | 230,030 |  | 188,491 |  | 230,030 |
Anti-dilutive shares - warrant shares |  | 0 |  | 298,618 |  | 0 |  | 298,618 |
Total anti-dilutive shares |  | 188,491 |  | 528,648 |  | 188,491 |  | 528,648 |

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