Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 9.  Earnings Per Share

We compute basic earnings per share based on the weighted average number of common shares 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 June 30,					Six Months Ended June 30,
	2013			2012		2013			2012
Numerator
Net Income	$	1,859		$	704	$	3,512		$	8,640
Preferred Stock Dividends		(594	)		-		(845	)		-
Net Income Available to Common Stockholders - Basic:	$	1,265		$	704	$	2,667		$	8,640
Net Income Available to Common Stockholders - Diluted:	$	1,265		$	704	$	2,667		$	8,640
Denominator
Weighted Average Shares of Common Stock
Outstanding:
Basic		7,239,780			7,203,860		7,226,415			7,187,236
Plus:
Effect of dilutive restrictive stock		23,426			30,645		21,962			15,323
Diluted		7,263,206			7,234,505		7,248,377			7,202,559
Basic Earnings Per Common Share:
Net Income per share – Basic	$	0.17		$	.10	$	0.37		$	1.20
Net Income per share - Diluted:	$	0.17		$	.10	$	0.37		$	1.20

(1)   The Company’s service-based awards of 2,195 shares were anti-dilutive and not included in the total dilutive shares.