Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

5.     Earnings Per Common Share

Following is a summary of the information used in the computation of earnings per common share (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net earnings available to common shareholders	$	1,054	$	951	$	1,496	$	2,087
Weighted average number of common shares outstanding used in computation of basic earnings per common share		9,723		9,707		9,722		9,692
Effect of dilutive securities:
Stock options		13		18		13		18
Restricted stock		3		-		4		-
Warrants		-		4		-		5
Weighted average number of common shares outstanding plus effect of dilutive securities – used in computation of diluted earnings per share		9,739		9,729		9,739		9,715

Options to acquire 18,331 and 23,786 shares of common stock were not included in computing diluted earnings per share for the quarter and six months ended June 30, 2011 and 2010, respectively, because the effect of these shares was anti-dilutive.  For the quarter and six months ended June 30, 2010, 22,047 shares of restricted stock were not included in computed diluted earnings because the effect of these shares was anti-dilutive.  As a result of the completion of a qualified equity offering in December 2009, warrants issued to the U. S. Department of the Treasury (the “Treasury”) to purchase 208,768 shares of our common stock were reduced to 104,384 shares.  The remaining 104,384 shares subject to the warrants were anti-dilutive and not included in the computation of diluted earnings per share for the quarter and six months ended June 30, 2011.