EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 11.  EARNINGS PER SHARE

Details of the computation of earnings per share are as follows:

		Three Months Ended
		March 31,
		2012		2011
	(in thousands except per share data)
Basic earnings per share computation:
Net income		$	2,443	$	1,381
Less earnings allocated to participating equity awards		23		21
Net earnings applicable to common shareholders		$	2,420	$	1,360
Weighted average common shares outstanding		11,524		11,450
Basic earnings per share		$	0.21	$	0.12
Diluted earnings per share computation:
Net income		$	2,443	$	1,381
Earnings allocated to participating equity awards		23		21
Net earnings applicable to common shareholders		$	2,420	$	1,360
Weighted average common shares outstanding		11,524		11,450
Assumed exercise of stock options		24		26
Assumed satisfaction of restricted stock conditions		9		-
Weighted -average diluted shares outstanding		11,557		11,476
Diluted earnings per share		$	0.21	$	0.12

Certain share based awards of 177,859 shares and 212,166 shares were excluded from the calculation of earnings per share as they were anti-dilutive for the three months ended March 31, 2012 and March 31, 2011, respectively.