v2.4.0.6

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Per share data:

Components of Basic and Diluted Net Income per Common Share

The components of basic and diluted net income per common share available to common stockholders for the three and six-month periods ended June 30, 2012 and 2011 were as follows:

		Three months ended								Six months ended
		June 30,								June 30,
		2012				2011				2012				2011
Basic Net Income per Common Share
Available to Common Stockholders:
Net income		$	3,479,000			$	2,578,000			$	6,869,000			$	5,423,000
Preferred stock dividends			(1,105,000	)			(1,011,000	)			(2,044,000	)			(1,718,000	)
Net income available to common stockholders		$	2,374,000			$	1,567,000			$	4,825,000			$	3,705,000
Weighted average common shares outstanding			6,025,802				6,058,859				6,022,830				6,065,692
Basic earnings per common share		$	.39			$	.26			$	.80			$	.61
Diluted Net Income per Common Share
Available to Common Stockholders:
Net income available to common stockholders		$	2,374,000			$	1,567,000			$	4,825,000			$	3,705,000
Effect of assumed preferred stock conversion			-				-				-				-
Net income applicable to diluted earnings per share		$	2,374,000			$	1,567,000			$	4,825,000			$	3,705,000
Weighted average common shares outstanding			6,025,802				6,058,859				6,022,830				6,065,692
Dilutive potential common shares:
Assumed conversion of stock options			8,826				12,722				8,504				12,742
Restricted stock awarded			413				-				331				-
Assumed conversion of preferred stock			-				-				-				-
Dilutive potential common shares			9,239				12,722				8,835				12,742
Diluted weighted average common shares outstanding			6,035,041				6,071,581				6,031,665				6,078,434
Diluted earnings per common share		$	.39			$	.26			$	.80			$	.61

Anti-dilutive Securities

The following shares were not considered in computing diluted earnings per share for the three and six-month periods ended June 30, 2012 and 2011 because they were anti-dilutive:

		Three months ended								Six months ended
		June 30								June 30
		2012				2011				2012				2011
Stock options to purchase shares of common stock			196,220				202,970				196,220				202,970
Average dilutive potential common shares associated with convertible preferred stock			2,092,411				1,950,933				2,087,943				1,882,586

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph c

-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.

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- Definition

Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends.

+ References

Reference 1: 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

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