| Earnings Per Share [Text Block] |
Note 2 -- Earnings Per Share
Basic net income per common share available to common stockholders is calculated as net income less preferred stock dividends divided by the weighted average number of common shares outstanding. Diluted net income per common share available to common stockholders is computed using the weighted average number of common shares outstanding, increased by the assumed conversion of the Company's convertible preferred stock and the Company's stock options, unless anti-dilutive.
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 | |
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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