Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings Per Share

Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding.  Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the assumed conversion of the Company’s convertible preferred stock and the Company’s stock options, unless anti-dilutive.

The components of basic and diluted net income per common share available to common stockholders for the three and nine-month periods ended September 30, 2012 and 2011 were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2012			2011			2012			2011
Basic Net Income per Common Share
Available to Common Stockholders:
Net income	$	3,647,000		$	2,679,000		$	10,516,000		$	8,102,000
Preferred stock dividends	(1,104,000		)	(919,000		)	(3,148,000		)	(2,637,000		)
Net income available to common stockholders	$	2,543,000		$	1,760,000		$	7,368,000		$	5,465,000
Weighted average common shares outstanding	6,030,053			6,023,521			6,025,255			6,051,481
Basic earnings per common share	$	0.42		$	0.29		$	1.22		$	0.90
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income available to common stockholders	$	2,543,000		$	1,760,000		$	7,368,000		$	5,465,000
Effect of assumed preferred stock conversion	—			—			—			—
Net income applicable to diluted earnings per share	$	2,543,000		$	1,760,000		$	7,368,000		$	5,465,000
Weighted average common shares outstanding	6,030,053			6,023,521			6,025,255			6,051,481
Dilutive potential common shares:
Assumed conversion of stock options	10,954			11,769			5,355			12,415
Restricted stock awarded	135			128			275			128
Assumed conversion of preferred stock	—			—			—			—
Dilutive potential common shares	11,089			11,897			5,630			12,543
Diluted weighted average common shares outstanding	6,041,142			6,035,418			6,030,885			6,064,024
Diluted earnings per common share	$	0.42		$	0.29		$	1.22		$	0.90

The following shares were not considered in computing diluted earnings per share for the three and nine-month periods ended September 30, 2012 and 2011 because they were anti-dilutive:

	Three months ended September 30,		Nine months ended September 30,
	2012	2011	2012	2011
Stock options to purchase shares of common stock	108,125	202,970	108,125	202,970
Average dilutive potential common shares associated with convertible preferred stock	2,490,079	2,078,788	2,222,967	1,960,390