Net Income Per Share

6 Months Ended

Jun. 30, 2011

Net Income Per Share

NOTE 9. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average shares outstanding during the reporting period. Diluted net income per share is computed by dividing net income by the combination of all dilutive common share equivalents, comprised of shares issuable under the Corporation’s share-based compensation plans, and the weighted-average shares outstanding during the reporting period.

Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the exercise price of share-based awards, the amount of compensation expense, if any, for future service that the Corporation has not yet recognized, and the amount of estimated tax benefits that would be recorded in additional paid-in capital when share-based awards are exercised, are assumed to be used to repurchase common stock in the current period.

	Three Months Ended June 30,
	2011						2010
	Net Income		Weighted-Average Shares		Per Share Amount		Net Income (Loss)			Weighted-Average Shares		Per Share Amount
Basic net income (loss) per share:	$	5,488					$	(343	)
Gain on exchange of preferred stock for trust preferred debt								10,052
Less: Preferred stock dividends and discount accretion		990						1,443
Net income available to common stockholders		4,498		25,656,826	$	0.18		8,266			25,523,145	$	0.35
Effect of dilutive stock options and warrants				125,973							110,307
Diluted net income per share:
Net income available to common stockholders	$	4,498		25,782,799	$	0.18	$	8,266			25,633,452	$	0.35

Stock options to purchase 1,033,546 and 1,075,864 shares for the three months ended June 30, 2011, and 2010, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.

	Six Months Ended June 30,
	2011						2010
	Net Income		Weighted-Average Shares		Per Share Amount		Net Income		Weighted-Average Shares		Per Share Amount
Basic net income per share:	$	10,949					$	1,243
Gain on exchange of preferred stock for trust preferred debt								10,052
Less: Preferred stock dividends and discount accretion		1,978						2,893
Net income available to common stockholders		8,971		25,631,340	$	0.35		8,402		23,459,738	$	0.36
Effect of dilutive stock options and warrants				141,523						95,487
Diluted net income per share:
Net income available to common stockholders	$	8,971		25,772,863	$	0.35	$	8,402		23,555,225	$	0.36

Stock options to purchase 1,026,177 and 1,100,760 shares for the six months ended June 30, 2011, and 2010, respectively, were not included in the earnings per share calculation because the exercise price exceeded the average market price.