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Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings per Share

Earning per share - basic and diluted

		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

Summary of anti-dilutive shares

		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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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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