Note 5 - Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

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. For the three months ended September 30, 2013 and 2012, there were 130,836 and 302,406 antidilutive stock options, respectively.  For the nine months ended September 30, 2013 and 2012, there were 212,811 and 520,343 antidilutive stock options including restricted common shares, respectively.  The number of potentially dilutive common shares is determined using the treasury stock method.

	As of and for the Three Months Ended September 30,				As of and for the Nine Months Ended September 30,
	2013		2012		2013		2012
	(In thousands, except per share amounts)
Net income available to common shareholders	$	3,448	$	2,712	$	9,271	$	7,403
Weighted average common shares in basic EPS		18,417		18,307		18,372		15,666
Effect of dilutive securities		397		341		385		210
Weighted average common and potentially dilutive common shares used in diluted EPS		18,814		18,648		18,757		15,876
Earnings per common share:
Basic	$	0.19	$	0.15	$	0.50	$	0.47
Diluted	$	0.18	$	0.15	$	0.49	$	0.47