NET EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2011

NET EARNINGS PER COMMON SHARE [Abstract]

NET EARNINGS PER COMMON SHARE

16. NET EARNINGS PER COMMON SHARE

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

	December 31,
	2011		2010		2009
Net earnings	$	4,473	$	5,780	$	4,599
Dividends on preferred stock and accretion of warrants		1,802		1,198		1,175
Net earnings available to common shareholders	$	2,671	$	4,582	$	3,424
Weighted average number of common shares outstanding used in computation of basic earnings per common share		9,787		9,701		6,670
Effect of dilutive securities:
Stock options		7		15		17
Restricted stock		5		2		-
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share		9,799		9,718		6,687

Options to acquire 18,331, 23,335 and 23,786 shares of common stock were not included in computing diluted earnings per share for the year ended December 31, 2011, 2010 and 2009, respectively, because the effect of these shares was anti-dilutive.  For the year ended December 31, 2011, 16,645 shares of restricted stock were included in computed diluted earnings because the effect of these shares was dilutive.  The remaining 104,384 shares subject to the outstanding warrant issued in connection with the CPP transaction were anti-dilutive and not included in the computation of diluted earnings per share for the years ended December 31, 2011, 2010 and 2009.