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Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 4. Earnings Per Share

Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares and common share equivalents.  The Company's only outstanding common share equivalents are stock appreciation rights and options to purchase its common stock.

The following tables show the Company's earnings (loss) per share for the periods presented:

		For the three months ended
		June 30, 2011
		Income				Shares				Per share
		(numerator)				(denominator)				amount
		(dollars in thousands except per share data)
Basic earnings per share
Net income available to common shareholders		$	660				33,196,281			$	0.02
Effect of dilutive securities
Stock options			-				9,460				-
Diluted earnings per share
Net income available to common shareholders		$	660				33,205,741			$	0.02

Stock options for 2,206,115 shares and stock appreciation rights for 60,000 shares, exercisable at a weighted average price of $10.78 per share, were outstanding at June 30, 2011 but were not included in the diluted earnings per share computation because the exercise price per share was greater than the average market price of the common stock.

		For the six months ended
		June 30, 2011
		Income				Shares				Per share
		(numerator)				(denominator)				amount
		(dollars in thousands except per share data)
Basic earnings per share
Net income available to common shareholders		$	3,348				30,638,325			$	0.11
Effect of dilutive securities
Stock options			-				7,353				-
Diluted earnings per share
Net income available to common shareholders		$	3,348				30,645,678			$	0.11

Stock options for 2,206,115 shares and stock appreciation rights for 60,000 shares, exercisable at a weighted average price of $10.78 per share, were outstanding at June 30, 2011 but were not included in the diluted earnings per share computation because the exercise price per share was greater than the average market price of the common stock.

		For the three months ended
		June 30, 2010
		Income				Shares				Per share
		(numerator)				(denominator)				amount
		(dollars in thousands except per share data)
Basic earnings per share
Net income available to common shareholders		$	407				26,181,281			$	0.02
Effect of dilutive securities
Common stock warrants			-				578,170				-
Diluted earnings per share
Net income available to common shareholders		$	407				26,759,451			$	0.02

Stock options for 1,967,364 shares and stock appreciation rights for 60,000 shares, exercisable at prices between $7.81 and $25.43 per share, were outstanding at June 30, 2010 but were not included in the diluted earnings per share computation because the exercise share price was greater than the average market price.

		For the six months ended
		June 30, 2010
		Income				Shares				Per share
		(numerator)				(denominator)				amount
		(dollars in thousands except per share data)
Basic loss per share
Net loss available to common shareholders		$	(3,649	)			26,181,281			$	(0.14	)
Effect of dilutive securities
Stock options and warrants			-				-				-
Diluted loss per share
Net loss available to common shareholders		$	(3,649	)			26,181,281			$	(0.14	)

Stock options for 1,967,364 shares, common stock warrants for 980,203 shares and stock appreciation rights for 60,000 shares, exercisable at prices between $3.46 and $25.43 per share, were outstanding at June 30, 2010 but were not included in the diluted loss per share computation because the Company had a net loss available to common shareholders for the period.

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

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