Earnings Per Common Share

3 Months Ended

Sep. 30, 2011

Earnings Per Common Share

Earnings Per Common Share

4.   Earnings Per Common Share

Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding.  Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued.  The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted earnings per share by application of the treasury stock method. The reverse treasury stock method was used to determine the dilutive effect of the mandatorily redeemable shares outstanding, which were issued by the Company in conjunction with the acquisition of the Collier-Jennings Companies.

Net income available to common shareholders represents consolidated net income adjusted for preferred dividends declared, accretions of discounts and amortization of premiums on preferred stock issuances and cumulative dividends related to the current dividend period that have not been declared as of period end. The following table provides a reconciliation of net income to net income available to common shareholders for the periods presented:

For the Quarter Ended:	September 30,
	2011		2010
Earnings Available to Common Shareholders:
Net Income	$	418,453	$	457,359
Preferred Stock Dividends		110,000		221,451
Net Income Available To Common Shareholders	$	308,453	$	235,908
For the Six Months Ended:		September 30,
		2011		2010
Earnings Available to Common Shareholders:
Net Income	$	879,500	$	997,938
Preferred Stock Dividends		220,000		446,451
Deemed Dividends On Preferred Stock From Net    Accretion of Preferred Stock		-		18,816
Net Income Available To Common Shareholders	$	659,500	$	532,671

The following tables provide a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the periods indicated. There were no dilutive securities or options at  September 30, 2011 therefore a reconciliation is not provided.

	For the Quarter Ended
	September 30, 2010
	Income (Numerator) Amount		Shares (Denominator)		Per Share
Basic EPS	$	235,908		2,469,791	$	0.10
Effect of Diluted Securities:
Mandatorily Redeemable     Shares		-		80,306		(0.01	)
Diluted EPS	$	235,908		2,550,097	$	0.09

	For the Six Months Ended
	September 30, 2010
	Income (Numerator) Amount		Shares (Denominator)		Per Share
Basic EPS	$	532,671		2,465,467	$	0.22
Effect of Diluted Securities:
Mandatorily Redeemable     Shares		-		88,700		(0.01	)
Diluted EPS	$	532,671		2,554,167	$	0.21