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Net Income Per Common Share
 3 Months Ended
Jun. 30, 2011
Net Income Per Common Share  
Net Income Per Common Share

4.              Net Income Per Common Share

 

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share is computed using the treasury stock method to compute the weighted average common stock outstanding assuming the conversion of potentially dilutive common shares.

 

The following table presents a reconciliation of the denominators used in the computation of net income per common share - basic and net income per common share - diluted for the three month periods ended June 30, 2011 and 2010:

 

 

 

Three Months Ended June 30

 

(Dollars in thousands except earnings per share)

 

2011

 

2010

 

Net income available for shareholders

 

$

1,679

 

$

1,320

 

Weighted avg. outstanding shares of common stock

 

3,274

 

3,212

 

Dilutive effect of stock options

 

140

 

96

 

 

 

 

 

 

 

Common stock and equivalents

 

3,414

 

3,308

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

 

$

0.51

 

$

0.41

 

Diluted

 

$

0.49

 

$

0.40

 

 

For the three months ended June 30, 2011 and 2010, no shares and 119,000 shares for each period, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and therefore their inclusion would have been anti-dilutive.