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Earnings Per Share
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2013 and 2012.

 

Note 3 – Earnings Per Share (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year to date

 

September 30,

 

September 30,

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

Net income

$        813,000

 

$        539,000

 

$     2,398,000

 

$     1,385,000

 

 

 

 

 

 

 

 

Weight average number of shares
3,352,725 

 
3,342,418 

 
3,352,725 

 
3,342,416 

Options affect of incremental shares
4,149 

 
353 

 
1,565 

 
396 

 

 

 

 

 

 

 

 

Weighted average diluted shares
3,356,874 

 
3,342,771 

 
3,354,290 

 
3,342,812 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS (weighted avg shares)

$              0.24

 

$              0.16

 

$              0.72

 

$              0.41

 

 

 

 

 

 

 

 

Diluted EPS (Including Option Shares)

$              0.24

 

$              0.16

 

$              0.71

 

$              0.41

 

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

 

September 30,

September 30,

 

2013

2012

2013

2012

Incremental shares excluded from calculating diluted EPS because their effect was anti-dilutive
113,294 
175,847 

168,069

216,492