Earnings per Common Share

9 Months Ended

Sep. 30, 2012

Earnings per Common Share [Abstract]

Earnings per Common Share

(6) Earnings per Common Share

Basic earnings per share are net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect, if any, of additional potential common shares issuable under stock options, computed using the treasury stock method.

	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
Basic
Net income	$	1,384	$	1,193	$	3,613	$	2,469
Preferred stock dividends and discount accretion		316		293		903		881
Net income available to common shareholders	$	1,068	$	900	$	2,710	$	1,588
Weighted average common shares outstanding		7,707,917		7,707,917		7,707,917		7,707,917
Basic earnings per common share	$	0.14	$	0.12	$	0.35	$	0.21
Diluted
Net income	$	1,384	$	1,193	$	3,613	$	2,469
Preferred stock dividends and discount accretion		316		293		903		881
Net income available to common shareholders	$	1,068	$	900	$	2,710	$	1,588
Weighted average common shares outstanding for basic earnings per common share		7,707,917		7,707,917		7,707,917		7,707,917
Add: Dilutive effects of assumed exercises of stock options and warrants		—		—		—		—
Average shares and dilutive potential common shares outstanding		7,707,917		7,707,917		7,707,917		7,707,917
Diluted earnings per common share	$	0.14	$	0.12	$	0.35	$	0.21

Stock options for 10,000 common shares that have an exercise price of $35.00 were not considered in computing diluted earnings per common share for the three and nine-month periods ended September 30, 2012 because they were anti-dilutive.

Stock options for 19,500 common shares that have an exercise price of $20.50 were not considered in computing diluted earnings per common share for the nine-month period ended September 30, 2012 because they were anti-dilutive. These options expired during the three month period ended September 30, 2012.

Stock options for 29,500 common shares that have an exercise price ranging from $20.50 to $35.00 were not considered in computing diluted earnings per common share for the three and nine-month periods ended September 30, 2011 because they were anti-dilutive.