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Earnings Per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share  
Earnings Per Share

Note 3 – Earnings Per Share

All earnings per share amounts have been adjusted to reflect the 10% stock dividend paid by Financial in July 2010, as well as all prior stock dividends.

Currently, only the option shares granted to certain officers and other employees of Financial pursuant to the Amended and Restated Stock Option Plan of 1999 Financial (the "1999 Plan") are considered dilutive.  The following is a summary of the earnings per share calculation for the three and six months ended June 30, 2011 and 2010.

 

Three months ended

 

Year to date

 

June 30,

 

June 30,

 

2011

 

2010

 

2011

 

2010

Net income (loss)

$  319,000

 

$  770,000

 

$    754,000

 

$    1,136,000

 

 

 

 

 

 

 

 

Weighted average number of shares

3,323,743

 

3,296,457

 

3,323,743

 

3,293,180

Options affect of incremental shares

7,683

 

41,727

 

10,021

 

38,395

 

 

 

 

 

 

 

 

Weighted average diluted shares

3,331,426

 

3,338,184

 

3,333,764

 

3,331,575

 

 

 

 

 

 

 

 

Basic EPS (weighted avg shares)

$        0.10

 

$        0.23

 

$         0.23

 

$         0.34

 

 

 

 

 

 

 

 

Diluted EPS (Including Option Shares)

$       0.10

 

$       0.23

 

$         0.23

 

$         0.34

 

The incremental shares associated with option shares, which were 205,548 and 248,239 for the three months ended June 30, 2010 and 2011, respectively, and 205,548 and 207,305 for the six months ended June 30, 2010 and 2011, respectively, were not included in calculating the diluted earnings because there effect was anti-dilutive.