Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2012

Net Income (Loss) Per Share [Abstract]

Net Income (Loss) Per Share

(2) Net Income (loss) Per Share

Basic net income (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of basic net income (loss) per share, restricted stock is considered "contingently issuable" and is not included in the weighted average number of common shares outstanding.

Diluted net income (loss) per share is computed by assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. Restricted stock is considered outstanding for purposes of diluted net income (loss) per share. The amount of compensation cost attributed to future services and not yet recognized is considered "proceeds" using the treasury stock method. Restricted stock had no dilutive effect on earnings (loss) per share for the three months ended March 31, 2012 and March 31, 2011.

In computing diluted net income (loss) per share, it is assumed that all dilutive stock options are exercised during the reporting period at their respective exercise prices, with the proceeds from the exercises used by the Company to buy back stock in the open market at the average market price in effect during the reporting period. The difference between the number of shares assumed to be exercised and the number of shares bought back is added to the number of weighted average common shares outstanding during the period. The sum is used as the denominator to calculate diluted net income per share for the Company. Diluted weighted average shares outstanding did not increase for the three month periods ended March 31, 2012 and March 31, 2011 as there were no dilutive impacts of options for the periods. As of March 31, 2012, the warrant, covering approximately 145 thousand shares, issued to the U.S. Treasury Department and 8,957 options were not included in the computation of diluted earnings per share because the exercise price exceeded the average market price of the Company's stock for that period. As of March 31, 2011, the warrant, covering approximately 145 thousand shares, issued to the U.S. Treasury Department and 28,513 options were not included in the computation of diluted loss per share as the effect would have been anti-dilutive.

The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income (loss) per share.

	Three months ended March 31, 2012 (Dollars in thousands, except share and per share data)
	Income (Numerator)			Shares (Denominator)		Per Share Amount
Basic net income per share	$	112			2,849,841	$	0.04
Effect of dilutive securities		—			—
Diluted net income per share	$	112			2,849,841	$	0.04
	Three months ended March 31, 2011 (Dollars in thousands, except share and per share data)
	Income (Numerator)			Shares (Denominator)		Per Share Amount
Basic net loss per share	$	(1,349	)		2,849,841	$	(0.47	)
Effect of dilutive securities		—			—
Diluted net loss per share	$	(1,349	)		2,849,841	$	(0.47	)