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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Common Share  
Earnings Per Common Share

 

Note 5 - Earnings Per Common Share

 

Basic earnings per common share were computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed by assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. Currently, the Company's potentially dilutive common stock issuances relate to grants under the Company's equity-based compensation plans, including stock options and restricted stock. The following is a reconciliation of the numerators and denominators used in computing basic and diluted earnings per common share:

 

    For the Three Months Ended June 30,  
    2012     2011  
($ in thousands except per
share amounts)		   Income
(Numer-
ator)		     Shares
(Denom-
inator)		     Per Share
Amount		     Income
(Numer-
ator)		     Shares
(Denom-
inator)		     Per Share
Amount		  
                                     
Basic EPS                                                
Net income available to common shareholders   $ 2,461       16,952,624     $ 0.15     $ 2,685       16,841,289     $ 0.16  
                                                 
Effect of Dilutive Securities     —       —               —       27,282          
                                                 
Diluted EPS per common share   $ 2,461       16,952,624     $ 0.15     $ 2,685       16,868,571     $ 0.16  

 

 

    For the Six Months Ended June 30,  
    2012     2011  
($ in thousands except per
share amounts)		   Income
(Numer-
ator)		     Shares
(Denom-
inator)		     Per Share
Amount		     Income
(Numer-
ator)		     Shares
(Denom-
inator)		     Per Share
Amount		  
                                     
Basic EPS                                                
Net income (loss) available to common shareholders   $ (3,481 )     16,938,620     $ (0.21 )   $ 8,018       16,827,615     $ 0.48  
                                                 
Effect of Dilutive Securities     —       —               —       27,412          
                                                 
Diluted EPS per common share   $ (3,481 )     16,938,620     $ (0.21 )   $ 8,018       16,855,027     $ 0.48  

 

For both the three and six months ended June 30, 2012, there were 386,662 options, respectively, that were antidilutive because the exercise price exceeded the average market price for the period. For both the three and six month periods ended June 30, 2011, there were 542,916 options that were antidilutive because the exercise price exceeded the average market price for the period. Antidilutive options have been omitted from the calculation of diluted earnings per share for the respective periods.