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NET EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2012
NET EARNINGS PER COMMON SHARE [Abstract]  
NET EARNINGS PER COMMON SHARE
17.
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,
 
 
2012
 
 
2011
 
 
2010
 
Net earnings
 
$
9,642
 
 
$
4,473
 
 
$
5,780
 
Dividends on preferred stock and accretion of warrants
 
 
1,547
 
 
 
1,802
 
 
 
1,198
 
Net earnings available to common stockholders
 
$
8,095
 
 
$
2,671
 
 
$
4,582
 
Weighted average number of common shares outstanding used in computation of basic earnings per common share
 
 
10,482
 
 
 
9,787
 
 
 
9,701
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
Stock options
 
 
24
 
 
 
7
 
 
 
15
 
Restricted stock
 
 
12
 
 
 
5
 
 
 
2
 
Preferred stock
 
 
6
 
 
 
-
 
 
 
-
 
Weighted average number of common shares outstanding plus effect of dilutive securities used in computation of diluted earnings per common share
 
 
10,524
 
 
 
9,799
 
 
 
9,718
 
 
Options to acquire 18,331, 18,331 and 23,335 shares of common stock were not included in computing diluted earnings per share for the year ended December 31, 2012, 2011 and 2010, respectively, because the effect of these shares was anti-dilutive.  For the years ended December 31, 2012, 2011 and 2010, 15,313, 16,645 and 20,847 shares of restricted stock, respectively, 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, 2012, 2011 and 2010.  For the year ended December 31, 2012, 6,088 shares of preferred stock issued as part of the PSB acquisition were included in computed diluted earnings because the effect of these shares was dilutive.  Since the preferred stock issued in connection with the PSB acquisition was issued during the year ended December 31, 2012, there were no shares of preferred stock included in computed diluted earnings for the years ended December 31, 2011 and 2010.