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Earnings Per Share
9 Months Ended
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.