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Earnings per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
5. Earnings per Share

 

Basic earnings per share has been computed based upon the weighted average number of common shares outstanding during each period. Diluted earnings per share includes the effect of all potential common shares outstanding during each period. The shares used in the calculation of basic and diluted earnings per share are shown below:

 

    Three months ended  
(Dollars in thousands, except per share amounts)   March 31,  
    2013     2012  
Net earnings   $ 1,440     $ 1,727  
                 
Weighted average common shares outstanding - basic (1)     2,922,719       2,921,967  
Assumed exercise of stock options (1)     48,462       12,108  
Weighted average common shares outstanding - diluted (1)     2,971,181       2,934,076  
Net earnings per share (1):                
Basic   $ 0.49     $ 0.59  
Diluted   $ 0.48     $ 0.59  

 

(1) Share and per share values for the period ended March 31, 2012 have been adjusted to give effect to the 5% stock dividend paid during December 2012.

 

The diluted earnings per share computations for the three months ended March 31, 2013 include all unexercised stock options, while the diluted earnings per share computations for the three months ended March 31, 2012 exclude unexercised stock options of 163,414, because their inclusion would have been anti-dilutive to earnings per share.