Earnings Per Share

9 Months Ended

Sep. 30, 2011

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2011					2010
Basic:	Income			Shares		Income			Shares
Net Income	$	5,143			15,622	$	5,736			15,518
Preferred Dividend		(52	)				(52	)
Earnings Applicable to Common Stock	$	5,091			15,622	$	5,684			15,518

Basic EPS	$	0.33				$	0.37

Diluted:
Earnings Applicable to Common Stock	$	5,091			15,622	$	5,684			15,518
$7.00 Series Preferred Dividend		24			167		24			167
$8.00 Series Preferred Dividend		14			96		14			96
Adjusted Earnings Applicable to Common Stock	$	5,129			15,885	$	5,722			15,781

Diluted EPS	$	0.32				$	0.36

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2011					2010
Basic:	Income			Shares		Income			Shares
Net Income	$	11,398			15,599	$	11,720			14,350
Preferred Dividend		(155	)				(156	)
Earnings Applicable to Common Stock	$	11,243			15,599	$	11,564			14,350

Basic EPS	$	0.72				$	0.81

Diluted:
Earnings Applicable to Common Stock	$	11,243			15,599	$	11,564			14,350
$7.00 Series Preferred Dividend		73			167		73			167
$8.00 Series Preferred Dividend		42			96		42			96
Adjusted Earnings Applicable to Common Stock	$	11,358			15,862	$	11,679			14,613

Diluted EPS	$	0.72				$	0.80