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Earnings (Loss) Per Common Share
 6 Months Ended
Jun. 30, 2013
Earnings (Loss) Per Common Share  
Earnings (Loss) Per Common Share

NOTE (3) – Earnings (Loss) Per Common Share

 

Basic earnings (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the period.  Diluted earnings (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the period, increased for the dilutive effect of common stock equivalents.

 

The following table shows how the Company computed basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2013 and 2012:

 

 

 

For the three months ended June 30,

 

For the six months ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(Dollars in thousands, except per share)

 

Basic

 

 

 

 

 

 

 

 

 

Net income (loss)

 

  $

(228)

 

  $

1,697

 

  $

(844)

 

  $

1,851

 

Less: Preferred stock dividends and accretion

 

(337)

 

(285)

 

(652)

 

(571)

 

Income (loss) available to common shareholders

 

  $

(565)

 

  $

1,412

 

  $

(1,496)

 

  $

1,280

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

1,917,422

 

1,744,565

 

1,917,422

 

1,744,565

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share - basic

 

  $

(0.29)

 

  $

0.81

 

  $

(0.78)

 

  $

0.73

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

Net income (loss)

 

  $

(228)

 

  $

1,697

 

  $

(844)

 

  $

1,851

 

Less: Preferred stock dividends and accretion

 

(337)

 

(285)

 

(652)

 

(571)

 

Income (loss) available to common shareholders

 

  $

(565)

 

  $

1,412

 

  $

(1,496)

 

  $

1,280

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

1,917,422

 

1,744,565

 

1,917,422

 

1,744,565

 

Add: dilutive effects of assumed exercises of stock options

 

-

 

-

 

-

 

-

 

Average shares and dilutive potential common shares

 

1,917,422

 

1,744,565

 

1,917,422

 

1,744,565

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share - diluted

 

  $

(0.29)

 

  $

0.81

 

  $

(0.78)

 

  $

0.73

 

 

Stock options for 148,750 shares of common stock for the three and six months ended June 30, 2013 and 227,075 shares of common stock for the three and six months ended June 30, 2012 were not considered in computing diluted loss per common share because they were anti-dilutive.