Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Note 7 — Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common shares in treasury.  Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that would then share in earnings and excludes common shares in treasury.  Stock options exercisable for 362,198 shares of common stock for the three months ended June 30, 2011 and stock options exercisable for 492,742 shares of common stock for the three months ended June 30, 2010 and stock options exercisable for 362,992 shares of common stock for the six months ended June 30, 2011 and stock options exercisable for 512,124 shares of common stock for the six months ended June 30, 2010 were not included in the computation of earnings per share because their exercise price exceeded the average market price during the respective periods.

The following table sets forth the Company’s unaudited earnings per share calculations for the periods indicated:

	Three Months Ended June 30,
	2011					2010
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
	(dollars in thousands, except per share data)
Net income	$	785				$	337
Basic income available to common stockholders	785		10,084,626	$	0.08	337		10,033,836	$	0.03
Effect of warrants and dilutive stock options	—		494,302			—		1,026,158
Diluted income available to common stockholders plus assumed conversions	$	785	10,578,928	$	0.08	$	337	11,059,994	$	0.03

	Six Months Ended June 30,
	2011					2010
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
	(dollars in thousands, except per share data)
Net income	$	5,557				$	793
Basic income (loss) available to common stockholders	$	5,557	10,067,066	$	0.55	$	793	10,033,836	$	0.08
Effect of warrants and dilutive stock options	—		650,191			—		1,006,776
Diluted income (loss) available to common stockholders plus assumed conversions	$	5,557	10,717,257	$	0.52	$	793	11,040,612	$	0.07