Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share

Earnings Per Share

Note 9 — 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 shares of common stock are excluded from the computation of diluted earnings per share if they are anti-dilutive due to their exercise price exceeding the average market price during the period.

The impact of stock options which are anti-dilutive are excluded from the computations of diluted earnings per share.  The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases.  The following table sets forth the number of stock options excluded for the periods indicated:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2013	2012	2013	2012
Stock options excluded	13,744	233,630	53,310	358,151

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

	Three Months Ended September 30,
	2013					2012
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	3,066				$	3,462
Basic income available to common stockholders	3,066		16,640,471	$	0.19	3,462		10,330,814	$	0.34
Effect of warrants and dilutive stock options	—		841,759			—		502,120
Diluted income available to common stockholders plus assumed conversions	$	3,066	17,482,230	$	0.18	$	3,462	10,832,934	$	0.32

	Nine Months Ended September 30,
	2013					2012
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	4,789				$	11,965
Basic income available to common stockholders	4,789		15,512,508	$	0.31	11,965		10,332,223	$	1.16
Effect of warrants and dilutive stock options	—		802,193			—		377,599
Diluted income available to common stockholders plus assumed conversions	$	4,789	16,314,701	$	0.29	$	11,965	10,709,822	$	1.12