Loss Per Common Share

3 Months Ended

Mar. 31, 2012

Loss Per Common Share [Abstract]

Loss Per Common Share

NOTE (3) – Loss Per Common Share

Basic loss per common share is computed by dividing loss available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted loss per common share is computed by dividing 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 loss per common share for the three months ended March 31, 2012 and 2011.

	For the three months ended March 31,
	2012			2011
	(Dollars in thousands, except per share)
Basic
Net earnings (loss)	$	154		$	(129	)
Less: Preferred stock dividends and accretion		(286	)		(283	)
Loss available to common shareholders	$	(132	)	$	(412	)
Weighted average common shares outstanding		1,744,565			1,743,965
Loss per common share – basic	$	(0.08	)	$	(0.24	)
Diluted
Net earnings (loss)	$	154		$	(129	)
Less: Preferred stock dividends and accretion		(286	)		(283	)
Loss available to common shareholders	$	(132	)	$	(412	)
Weighted average common shares outstanding		1,744,565			1,743,965
Add: dilutive effects of assumed exercises of stock options		N/A			N/A
Average shares and dilutive potential common shares		1,744,565			1,743,965
Loss per common share –diluted	$	(0.08	)	$	(0.24	)

Stock options for 227,075 shares of common stock were not considered in computing diluted earnings per common share for the three months ended March 31, 2012 and 2011 because they were anti-dilutive.