EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 3 - EARNINGS PER SHARE

The Consolidated Statements of Income include basic and diluted per share information.  Basic EPS is calculated by dividing net income, after preferred dividends, by the weighted-average number of common shares outstanding for the period.  Diluted EPS follows a similar calculation except that the weighted-average number of common shares is increased by the number of potentially dilutive common shares.  The table below provides a reconciliation of the numerator and denominator used in calculating basic and diluted EPS for the years ended December 31(dollars in thousands, except share information):

	2011		2010		2009
Numerator for basic and diluted EPS:
Income from continuing operations	$	5,704	$	20,954	$	20,749
Dividends declared on preferred stock		368		368		368
Net income from continuing operations available for common stock	$	5,336	$	20,586	$	20,381
Denominators for basic and diluted EPS:
Weighted-average basic shares of common stock outstanding		13,404,909		12,370,486		11,660,170
Dilutive effect of stock options		49,950		14,388		20,646
Dilutive effect of performance shares		32,749		20,992		24,702
Weighted-average diluted shares of common stock outstanding		13,487,608		12,405,866		11,705,518

Stock Options: There were no outstanding stock options excluded from the calculation in 2011.  Outstanding stock options totaling 44,244 for 2010 and 153,017 for 2009 were excluded from the computation of diluted shares because the exercise prices were below the current average market price of the common shares.

Performance Shares: Based on performance as of December 31, 2011, outstanding performance shares totaling 2,946 were excluded from the computation of diluted shares 2011 because the performance share measures were not met. Outstanding performance shares totaling 37,330 for 2010 and 26,973 for 2009 were excluded from the diluted EPS calculation as either the performance share measures were not met or there was an antidilutive impact as of the end of the year.