Earnings Per Share

3 Months Ended

Mar. 31, 2012

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 271,511 shares of common stock for the three months ended March 31, 2012 and stock options exercisable for 363,794 shares of common stock for the three months ended March 31, 2011 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 March 31,
	2012					2011
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	2,692				$	4,772
Basic income available to common stockholders	2,692		10,335,935	$	0.26	4,772		10,049,311	$	0.47
Effect of warrants and dilutive stock options	—		290,239			—		807,812
Diluted income available to common stockholders plus assumed conversions	$	2,692	10,626,174	$	0.25	$	4,772	10,857,123	$	0.44