Earnings Per Share

9 Months Ended

Sep. 30, 2012

Note 3 – Earnings Per Share

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, 2012 and 2011.


	Three months ended		Nine months ended
	September 30,		September 30,
	2012	2011	2012	2011

Net income	$ 539,000	$ 64,000	$ 1,385,000	$ 818,000

Weight average number of shares	3,342,418	3,323,743	3,342,416	3,323,743
Options affect of incremental shares	353	4,014	396	7,496

Weighted average diluted shares	3,342,771	3,327,757	3,342,812	3,331,239


Basic EPS (weighted avg shares)	$ 0.16	$ 0.02	$ 0.41	$ 0.25

Diluted EPS (Including Option Shares)	$ 0.16	$ 0.02	$ 0.41	$ 0.25

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		Nine months ended
	Sept 30,		Sept 30,
	2012	2011	2012	2011
Incremental shares excluded from calculating diluted EPS because their effect was anti-dilutive	175,847	247,976	216,492	247,976

- Definition

The entire disclosure for earnings per share.

+ References+ Details