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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Common Share  
Earnings Per Common Share

Note 6 – 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 September 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		  $3,735    16,988,150   $0.22   $(732)   16,875,918   $(0.04)
                               
Effect of Dilutive Securities   —    —         —    27,113      
                               
Diluted EPS per common share  $3,735    16,988,150   $0.22   $(732)   16,903,031   $(0.04)

 

 

   For the Nine Months Ended September 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		  $254    16,955,130   $0.01   $7,286    16,843,716   $0.43 
                               
Effect of Dilutive Securities   —    —         —    27,294      
                               
Diluted EPS per common share  $254    16,955,130   $0.01   $7,286    16,871,010   $0.43 

 

For both the three and nine months ended September 30, 2012, there were 446,613 options, respectively, that were antidilutive because the exercise price exceeded the average market price for the period. For the three and nine month periods ended September 30, 2011, there were 545,347 and 542,916 options, respectively, 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.