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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

 

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 months ended March 31, 2013 and 2012.

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Mar 31,

 

2013

 

2012

 

 

 

 

Net income

$        788,000

 

$        360,000

 

 

 

 

Weight average number of shares
3,352,725 

 
3,342,415 

Options affect of incremental shares
130 

 

 -

 

 

 

 

Weighted average diluted shares
3,352,855 

 
3,342,415 

 

 

 

 

 

 

 

 

Basic EPS (weighted avg shares)

$              0.24

 

$              0.11

 

 

 

 

Diluted EPS (Including Option Shares)

$              0.24

 

$              0.11

 

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

 

March 31,

 

2013

2012

Incremental shares excluded from calculating diluted EPS because their effect was anti-dilutive
169,600 
216,886