Note 5 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

5. EARNINGS PER COMMON SHARE

Basic earnings per common share (“EPS”) is computed by dividing net income (after deducting dividends on preferred stock) by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Stock options, restricted common shares and warrants can be dilutive common shares and are therefore considered in the earnings per share calculation, if dilutive.  Stock options, restricted common shares and warrants that are antidilutive are excluded from earnings per share calculation.  Stock options, restricted common shares and warrants are antidilutive when the exercise price is higher than the current market price of the Company’s common stock.  As of March 31, 2012 and 2011, there were 652,750 and 1,345,780 antidilutive stock options, respectively.  The number of potentially dilutive common shares is determined using the treasury stock method.

	For the Three Months
	Ended March 31,
	2012		2011
	(In thousands, except per share amounts)
Net income available to common shareholders	$	2,170	$	1,521
Weighted average common shares in basic EPS	$	13,169	$	13,136
Effect of dilutive securities		140		69
Weighted average common and potentially dilutive common shares used in diluted EPS	$	13,309	$	13,205
Income per common share:
Basic	$	0.16	$	0.12
Diluted	$	0.16	$	0.12