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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
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 nine months ended September 30, 2011 and 2010.

 

Three months ended

 

Year to date

 

September 30,

 

September 30,

 

2011

 

2010

 

2011

 

2010

Net income (loss)

$  64,000

 

$  506,000

 

$    818,000

 

$    1,642,000

 

 

 

 

 

 

 

 

Weighted average number of shares

3,323,743

 

3,301,262

 

3,323,743

 

3,295,813

Options effect of incremental shares

4,014

 

35,074

 

7,496

 

37,313

 

 

 

 

 

 

 

 

Weighted average diluted shares

3,327,757

 

3,336,336

 

3,331,239

 

3,333,126

 

 

 

 

 

 

 

 

Basic EPS (weighted avg shares)

$        0.02

 

$        0.15

 

$         0.25

 

$         0.50

 

 

 

 

 

 

 

 

Diluted EPS (Including Option Shares)

$       0.02

 

$       0.15

 

$         0.25

 

$         0.49

The following table sets forth the incremental shares associated with option shares that were not included in calculating the diluted earnings because their effect was anti-dilutive:

 

 

Three months ended

 

Year to date

 

September 30,

 

September 30,

 

2011

 

2010

 

2011

 

2010

Incremental shares excluded from calculating diluted EPS because their effect was anti dilutive

247,976

 

205,548

 

247,976

 

205,548