Earnings per Common Share

6 Months Ended

Jun. 30, 2011

Earnings per Common Share

Earnings per Common Share

Note 2.  Earnings per Common Share

Basic earnings per common share ("EPS") is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Corporation's weighted- average common shares outstanding for diluted EPS include the effect of stock options and warrants outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS.

Earnings per common share have been computed based on the following:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share amounts)	2011		2010		2011		2010
Net income	$	3,584	$	2,014	$	6,602	$	2,295
Preferred stock dividends and accretion		145		146		291		291
Net income available to common shareholders	$	3,439	$	1,868	$	6,311	$	2,004
Basic weighted average common shares outstanding		16,291		14,575		16,291		14,575
Plus: effect of dilutive options and warrants		25		1		18		3
Diluted weighted average common shares outstanding		16,316		14,576		16,309		14,578
Earning per common share:
Basic	$	0.21	$	0.13	$	0.39	$	0.14
Diluted	$	0.21	$	0.13	$	0.39	$	0.14