EX-11 2 c96149exv11.htm EXHIBIT 11 Exhibit 11
         
EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except share data)
(Unaudited)
                                 
    Three Months Ended     Nine Months Ended  
    December 31,     December 31,  
    2009     2008     2009     2008  
Earnings per common share — basic (1)
                                
Net income
   $ 788     $ (7,184 )   $ 2,301     $ (5,877 )
Less: CPP Preferred Dividends
     237       —       712       —  
Dividends paid and undistributed earnings allocated to participating securities
     4       —       8       —  
 
                        
Net Income Available to Common Shareholders
   $ 547     $ (7,184 )   $ 1,581     $ (5,877 )
 
                        
 
                                
Weighted average common shares outstanding
     2,474,719       2,470,082       2,473,164       2,472,305  
 
                        
 
                                
Earnings per common share
   $ 0.22     $ (2.91 )   $ 0.64     $ (2.37 )
 
                        
 
                                
Earnings per common share — diluted
                                
Net income
   $ 788     $ (7,184 )   $ 2,301     $ (5,877 )
Less: CPP Preferred Dividends
     237       —       712       —  
Dividends paid and undistributed earnings allocated to participating securities
     4       —       8       —  
 
                        
Net Income Available to Common Shareholders
   $ 547     $ (7,184 )   $ 1,581     $ (5,877 )
 
                        
 
                                
Weighted average common shares outstanding — basic
     2,474,719       2,470,082       2,473,164       2,472,305  
Effect of dilutive securities — stock options and unvested restricted stock (2)
     18,223       —       18,223       —  
 
                        
Weighted average shares outstanding — diluted
     2,492,942       2,470,082       2,491,387       2,472,305  
 
                        
 
                                
Earnings per common share
   $ 0.22     $ (2.91 )   $ 0.64     $ (2.38 )
 
                        
     
(1)  
In June 2008, the FASB issued a new accounting guidance which clarifies that unvested stock-based compensation awards containing non-forfeitable rights to dividends are considered participating securities and therefore are included in the two-class method for calculating earnings per share. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The Company grants restricted stock to certain employees under its stock-based compensation plan. Recipients receive cash dividends during the vesting periods of these awards )i.e., including on the unvested portion of such awards). Since these dividends are non-forfeitable, the unvested awards are considered participating securities and will have earnings allocated to them.
 
(2)  
As of December 31, 2009, there were no potentially dilutive shares except for 18,233 unvested restricted shares which are also participating securities.