Earnings Per Common Share (EPS)

3 Months Ended

Mar. 31, 2017

Earnings Per Common Share (EPS) [Abstract]

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 diluted earnings per share. The following is a summary of the earnings per share calculation for the three months ended March 31, 2017 and 2016.

Note 3 – Earnings Per Share (continued)



	Three Months Ended
	March 31,
	2017	2016

Net income	$ 760,000	$ 887,000

Weighted average number of shares	4,378,436	4,378,436
Options affect of incremental shares	99	-

Weighted average diluted shares	4,378,535	4,378,436


Basic EPS (weighted avg shares)	$ 0.17	$ 0.20

Diluted EPS (Including Option Shares)	$ 0.17	$ 0.20

The following table sets forth the option shares that were not included in calculating the diluted earnings because their effect was anti-dilutive:


	Three Months Ended
	March 31,
	2017	2016
Options excluded from calculating diluted EPS because their effect was anti-dilutive	-	636

The foregoing shares were anti-dilutive because the exercise price of the options was greater than the market price on March 31, 2016.