Loss Per Common Share

3 Months Ended

Mar. 31, 2013

Loss Per Common Share

NOTE (4) – 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, 2013 and 2012.

	For the three months ended March 31,
	2013			2012
	(In thousands, except share and per share)
Basic
Net income (loss)	$	(616	)	$	154
Less: Preferred stock dividends and accretion		(315	)		(286	)
Loss available to common shareholders	$	(931	)	$	(132	)
Weighted average common shares outstanding		1,917,422			1,744,565
Loss per common share – basic	$	(0.49	)	$	(0.08	)
Diluted
Net income (loss)	$	(616	)	$	154
Less: Preferred stock dividends and accretion		(315	)		(286	)
Loss available to common shareholders	$	(931	)	$	(132	)
Weighted average common shares outstanding		1,917,422			1,744,565
Add: dilutive effects of assumed exercises of stock options		0			0
Average shares and dilutive potential common shares		1,917,422			1,744,565
Loss per common share – diluted	$	(0.49	)	$	(0.08	)

Stock options for 164,178 and 227,075 shares of common stock were not considered in computing diluted loss per common share for the three months ended March 31, 2013 and 2012 because they were anti-dilutive.