Earnings per Common Share

6 Months Ended

Jun. 30, 2011

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 10 - Earnings per Common Share

Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.  Diluted earnings per common share is adjusted for the dilutive effects of stock options, warrant, and restricted stock.  The diluted average number of common shares outstanding has been increased for the assumed exercise of stock options, warrant, and restricted stock with proceeds used to purchase treasury shares at the average market price for the period.  The computations were as follows for the three and six months ended June 30, 2011 and 2010 (dollars in thousands, except share and per share data):

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2011			2010		2011		2010
Income from continuing operations	$	2,023			2,685		3,501		4,826
Income from discontinued operations, net of tax		(31	)		67		793		138
Net income	$	1,992			2,752		4,294		4,964
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		6,689,743			6,687,232		6,689,743		6,687,232
Add dilutive effect of:
Stock options		4,476			3,403		4,188		2,817
Restricted stock		-			2,511		-		1,790
Stock warrant		52,572			49,517		50,444		44,596
		57,048			55,431		54,632		49,203
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share		6,746,791			6,742,663		6,744,375		6,736,435
Basic earnings per common share:
Continuing operations	$	0.30			0.40		0.52		0.72
Discontinued operations		-			0.01		0.12		0.02
Diluted earnings per common share:
Continuing operations	$	0.30			0.40		0.52		0.72
Discontinued operations		-			0.01		0.12		0.02