Earnings Per Share

9 Months Ended

Sep. 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 367,859 shares of common stock for the three months ended September 30, 2011 and stock options exercisable for 505,057 shares of common stock for the three months ended September 30, 2010 and stock options exercisable for 362,643 shares of common stock for the nine months ended September 30, 2011 and stock options exercisable for 494,935 shares of common stock for the nine months ended September 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 September 30,
	2011					2010
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	2,460				$	1,845
Basic income available to common stockholders	2,460		10,084,626	$	0.25	1,845		10,033,836	$	0.18
Effect of warrants and dilutive stock options	—		485,641			—		991,509
Diluted income available to common stockholders plus assumed conversions	$	2,460	10,570,267	$	0.23	$	1,845	11,025,345	$	0.17

	Nine Months Ended September 30,
	2011					2010
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	8,017				$	2,638
Basic income available to common stockholders	$	8,017	10,072,984	$	0.80	$	2,638	10,033,836	$	0.26
Effect of warrants and dilutive stock options	—		594,738			—		1,001,631
Diluted income available to common stockholders plus assumed conversions	$	8,017	10,667,722	$	0.75	$	2,638	11,035,467	$	0.24