Earnings Per Share

6 Months Ended

Jun. 30, 2013

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 six months ended June 30, 2013 and 2012.



	Three months ended		Year to date
	June 30,		June 30,
	2013	2012	2013	2012

Net income	$ 797,000	$ 486,000	$ 1,585,000	$ 846,000

Weight average number of shares	3,352,725	3,342,415	3,352,725	3,342,415
Options affect of incremental shares	416	835	277	418

Weighted average diluted shares	3,353,141	3,343,250	3,353,002	3,342,833


Basic EPS (weighted avg shares)	$ 0.24	$ 0.15	$ 0.47	$ 0.25

Diluted EPS (Including Option Shares)	$ 0.24	$ 0.15	$ 0.47	$ 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		Six months ended
	June 30,		June 30,
	2013	2012	2013	2012
Incremental shares excluded from calculating diluted EPS because their effect was anti-dilutive	169,600	175,847	169,600	216,492

- Definition

The entire disclosure for earnings per share.

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