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Earnings Per Common Share (EPS)
 3 Months Ended
Mar. 31, 2015
Earnings Per Common Share (EPS) [Abstract]  
Earnings Per Common Share (EPS)

 

Note 3 – Earnings Per Common Share (EPS)

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, 2015 and 2014.

Note 3 – Earnings Per Share (continued)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

 

2015

 

2014

 

 

 

 

Net income

$        927,000

 

$        705,000

 

 

 

 

Basic EPS weighted average shares outstanding
3,371,616 

 
3,364,874 

Incremental shares attributable to stock options

 -

 

 -

 

 

 

 

Diluted EPS weighted average shares outstanding
3,371,616 

 
3,364,874 

 

 

 

 

 

 

 

 

Basic earnings per common share

$              0.27

 

$              0.21

 

 

 

 

Diluted earnings per common share

$              0.27

 

$              0.21

 

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,

 

 

2015

2014

 

 

Incremental shares excluded from calculating diluted EPS because their effect was anti-dilutive
66,752 
111,371