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Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

4. Earnings Per Share

Earnings per common share were computed based on the following:

 

                                 
   

Three Months Ended

June 30,

    

Six Months Ended

June 30,

  

(in thousands, except per share data)

   2012     2011     2012     2011  
         

Numerator:

                                

Operating income available to common shareholders

   $ 1,753     $ 1,267     $ 3,813     $ 2,062  
         

Denominator:

                                

Weighted average common shares outstanding

     6,972       7,191       6,963       7,184  

Effect of dilutive securities:

                                

Restricted stock

     77       78       87       85  

Stock options

     186       68       166       38  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding – assuming dilution

     7,235       7,337       7,216       7,307  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Earnings per common share

   $ 0.25     $ 0.18     $ 0.55     $ 0.29  

Earnings per common share – assuming dilution

   $ 0.24     $ 0.17     $ 0.53     $ 0.28  
   

 

 

    

 

 

    

 

 

    

 

 

  

Options on 42,764 and 14,429 shares of common stock were not included in computing diluted earnings per share for the three months ended June 30, 2012 and June 30, 2011, respectively, because the effect of these shares was anti-dilutive. Options on 39,797 and 12,714 shares of common stock were not included in computing diluted earnings per share for the six months ended June 30, 2012 and June 30, 2011, respectively, because the effect of these shares was anti-dilutive.