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Earnings (Loss) Per Common Share
 9 Months Ended
Sep. 30, 2012
Earnings (Loss) Per Common Share [Abstract]  
Earnings (Loss) Per Common Share

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

Basic earnings (loss) per common share is computed by dividing earnings (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 earnings (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 nine months ended September 30, 2012 and 2011.

 

                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2012     2011     2012     2011  
    (Dollars in thousands, except per share)  

Basic

                                

Net earnings (loss)

   $ (613 )    $ (7,534 )    $ 1,238     $ (9,385 ) 

Less: Preferred stock dividends and accretion

     (287 )      (264 )      (858 )      (830 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) available to common shareholders

   $ (900 )    $ (7,798 )    $ 380     $ (10,215 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding

     1,858,697       1,744,565       1,782,887       1,744,251  
   

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) per common share

   $ (0.48 )    $ (4.47 )    $ 0.21     $ (5.86 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

                                

Net earnings (loss)

   $ (613 )    $ (7,534 )    $ 1,238     $ (9,385 ) 

Less: Preferred stock dividends and accretion

     (287 )      (264 )      (858 )      (830 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) available to common shareholders

   $ (900 )    $ (7,798 )    $ 380     $ (10,215 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding

     1,858,697       1,744,565       1,782,887       1,744,251  

Add: dilutive effects of assumed exercises of stock options

     N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

  

Average shares and dilutive potential common shares

     1,858,697       1,744,565       1,782,887       1,744,251  

Diluted earnings (loss) per common share

   $ (0.48 )    $ (4.47 )    $ 0.21     $ (5.86 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Stock options for 227,075 shares of common stock were not considered in computing diluted earnings per common share for the three and nine months ended September 30, 2012 and 2011 because they were anti-dilutive.