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Earnings Per Share | 9 Months Ended
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Sep. 30, 2011
Earnings Per Share |
Earnings Per Share |
Note 3. Earnings Per Share Basic earnings per share (EPS), which excludes dilution, is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or warrants, stock appreciation rights settled in stock or restricted stock awards, result in the issuance of common stock which shares in the earnings of the Company. There was no difference in the net income used in the calculation of basic earnings per share and diluted earnings per share for the three and nine month periods ended September 30, 2011 or 2010. A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows:
Basic Earnings Per share In thousands (except share and per share |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
amounts) |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Net Income |  | $ | 1,408 |  | $ | 864 |  | $ | 4,769 |  | $ | 2,660 |
Less: Preferred stock dividends and accretion |  | 202 |  | 99 |  | 400 |  | 296 |
Income available to common shareholders |  | $ | 1,206 |  | $ | 765 |  | $ | 4,369 |  | $ | 2,364 |
Weighted average shares outstanding |  | 9,547,816 |  | 9,363,908 |  | 9,513,387 |  | 9,156,561 |
Net income per share |  | $ | 0.13 |  | $ | 0.08 |  | $ | 0.46 |  | $ | 0.26 |
Diluted Earnings Per share In thousands (except share and per share |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
amounts) |  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Net Income |  | $ | 1,408 |  | $ | 864 |  | $ | 4,769 |  | $ | 2,660 |
Less: Preferred stock dividends and accretion |  | 202 |  | 99 |  | 400 |  | 296 |
Income available to common shareholders |  | $ | 1,206 |  | $ | 765 |  | $ | 4,369 |  | $ | 2,364 |
Weighted average shares outstanding |  | 9,547,816 |  | 9,363,908 |  | 9,513,387 |  | 9,156,561 |
Effect of dilutive stock options |  | 9,793 |  | 68,393 |  | 21,039 |  | 87,728 |
Weighted average shares of common stock and common stock equivalents |  | 9,557,609 |  | 9,432,301 |  | 9,534,426 |  | 9,244,289 |
Net income per diluted share |  | $ | 0.13 |  | $ | 0.08 |  | $ | 0.46 |  | $ | 0.26 |
During the three-month periods ending September 30, 2011 and 2010, options and warrants to purchase 436,929 and 533,131 shares of common stock, respectively, were not factored into the calculation of dilutive stock options because they were anti-dilutive. During the nine-month periods ending September 30, 2011 and 2010, options and warrants to purchase 436,929 and 533,131 shares of common stock, respectively, were not factored into the calculation of dilutive stock options because they were anti-dilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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