Earnings per Common Share

9 Months Ended

Sep. 30, 2012

Earnings per Common Share [Abstract]

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. Anti-dilutive stock option shares outstanding were 20,838 and 75,208, respectively, for the three and nine months ended September 30, 2012 and 79,343 for the three and nine months ended September 30, 2011.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2012		2011		2012		2011
Net income	$	4,454	$	3,702	$	13,038	$	10,304
Preferred stock dividends and accretion		28		145		253		436
Net income available to common shareholders	$	4,426	$	3,557	$	12,785	$	9,868
Basic weighted average common shares outstanding		16,347		16,291		16,338		16,291
Plus: effect of dilutive options and warrants		16		22		9		20
Diluted weighted average common shares outstanding		16,363		16,313		16,347		16,311
Earnings per common share:
Basic	$	0.27	$	0.22	$	0.78	$	0.61
Diluted	$	0.27	$	0.22	$	0.78	$	0.61