Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Note 22: Earnings Per Share

Earnings per share were computed as follows:

	2011
	Income			Weighted- Average Shares		Per-Share Amount
Basic Earnings Per Share
Net income	$	3,484			6,907,015
Dividends and accretion on preferred stock		(2,115	)
Income available to common stockholders		1,369			6,907,015	$	0.20
Effect of Dilutive Securities
Stock options					69,619
Diluted Earnings Per Share
Income available to common stockholders and assumed conversions	$	1,369			6,976,634	$	0.20

	2010
	Income			Weighted- Average Shares		Per-Share Amount
Basic Earnings Per Share
Net income	$	6,552			6,873,508
Dividends and accretion on preferred stock		(1,803	)
Income available to common stockholders		4,749			6,873,508	$	0.69
Effect of Dilutive Securities
Stock options					22,599
Diluted Earnings Per Share
Income available to common stockholders and assumed conversions	$	4,749			6,896,107	$	0.69

	2009
	Income			Weighted- Average Shares		Per-Share Amount
Basic Earnings Per Share
Net income	$	3,163			6,840,659
Dividends and accretion on preferred stock		(1,803	)
Income available to common stockholders		1,360			6,840,659	$	0.20
Effect of Dilutive Securities
Stock options					89
Diluted Earnings Per Share
Income available to common stockholders and assumed conversions	$	1,360			6,840,748	$	0.20

Options to purchase 509,975, 500,788, and 586,988 shares of common stock were outstanding at December 31, 2011, 2010 and 2009, but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares.

Warrants to purchase 625,135 shares of common stock at $7.77 per share were outstanding at December 31, 2010 and 2009, but were not included in the computation of diluted EPS because the exercise price for these options was greater than the average market price of the underlying shares. As of December 31, 2011 there were no warrants outstanding.