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Earnings Per Share
 3 Months Ended
Mar. 31, 2014
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 in calculating dilutive earnings per share.  The following is a summary of the earnings per share calculation for the three months ended March 31, 2014 and 2013.

 

Note 3 – Earnings Per Share (continued)

 

 

 

 

 

 

 

 

 

 

Three months ended

 

March 31,

 

2014

 

2013

 

 

 

 

Net income

$        705,000

 

$        788,000

 

 

 

 

Weight average number of shares
3,364,874 

 
3,352,725 

Options affect of incremental shares

 -

 
130 

 

 

 

 

Weighted average diluted shares
3,364,874 

 
3,352,855 

 

 

 

 

 

 

 

 

Basic EPS (weighted avg shares)

$              0.21

 

$              0.24

 

 

 

 

Diluted EPS (Including Option Shares)

$              0.21

 

$              0.24

 

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,

 

 

2014

2013

 

 

Incremental shares excluded from calculating diluted EPS because their effect was anti-dilutive
111,371 
169,600