Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 8.  Earnings Per Share

We compute basic earnings per share based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per share also reflect dilutive potential common shares, including shares issuable under restricted stock units using the treasury stock method.

The calculation of basic and diluted earnings per share is as follows (Amountsin thousands except share data):

	Three Months Ended March 31,
	2013		2012
Numerator
Net Income	$	1,653	$	7,936
Preferred Stock Dividends (1)		251		-
Net Income Available to Common Stockholders - Basic	$	1,402	$	7,936
Net Income Available to Common Stockholders - Diluted	$	1,402	$	7,936
Denominator
Weighted Average Shares of Common Stock
Outstanding:
Basic		7,212,901		7,170,611
Plus:
Effect of dilutive restrictive stock (2)		20,499		-
Diluted		7,233,400		7,170,611
Basic Earnings Per Common Share:
Net Income per share - Basic	$	0.19	$	1.11
Net Income per share - Diluted	$	0.19	$	1.11

(1) Cumulative undeclared dividends as of March 31, 2013.

(2) The Company's relative performance awards of 1,394 shares were anti-dilutive and not included in the total dilutive shares.