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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share

5. Earnings Per Share

Earnings per common share were computed based on the following:

 

    

Three Months Ended

September 30,

     

Nine Months Ended

September 30,

  

(in thousands, except per share data)

    2011      2010      2011      2010  

Numerator:

            

Income available common shareholders

    $ 923       $ 911       $ 2,986       $ 3,223   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Weighted average common shares outstanding

      7,173         7,481         7,181         7,603   

Effect of dilutive securities:

            

Restricted stock

      55         50         74         63   

Stock options

      47         —           41         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding – assuming dilution

      7,275         7,531         7,296         7,666   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per common share

    $ 0.13       $ 0.12       $ 0.42       $ 0.42   

Earnings per common share – assuming dilution

    $ 0.13       $ 0.12       $ 0.41       $ 0.42   
  

 

 

     

 

 

     

 

 

     

 

 

  

Options on 46,429 and 824,080 shares of common stock were not included in computing diluted earnings per share for the three months ended September 30, 2011 and September 30, 2010, respectively, because the effect of these shares was anti-dilutive. Options on 23,952 and 819,747 shares of common stock were not included in computing diluted earnings per share for the nine months ended September 30, 2011 and September 30, 2010, respectively, because the effect of these shares was anti-dilutive.