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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2012
Earnings (Loss) Per Share  
EARNINGS PER SHARE
3.
EARNINGS PER SHARE
 
Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.  A reconciliation of weighted average shares outstanding along with the earnings per share attributable to restricted shares of common stock (participating securities) is as follows:
 
   
Three months ended
March 31,
  
(In thousands except per share data )
  
2012
    
2011
  
Net income available for stockholders:
   $ 1,632     $ 666  
Less:  Dividends paid
                
   Common Stock
     (734 )     -  
Restricted shares of common stock
     (21 )     -  
Undistributed income
   $ 877     $ 666  
                 
Allocation of undistributed income:
          
   Common Stock
   $ 851     $ 648  
Restricted shares of common stock
     26       18  
                 
Basic shares outstanding:
                
   Common Stock
     35,532       35,316  
Restricted shares of common stock
     1,097       971  
      36,629       36,287  
Diluted shares outstanding:
                
   Common Stock
     35,532       35,316  
   Dilutive effect of stock options
     190       570  
      35,722       35,886  
Restricted shares of common stock
     1,097       971  
      36,819       36,857  
Basic earnings per share:
                
   Common Stock:
                
   Distributed earnings
   $ 0.02     $ -  
   Undistributed income
     0.02       0.02  
    $ 0.04     $ 0.02  
Restricted shares of common stock:
                
Distributed earnings
   $ 0.02     $ -  
Undistributed income
     0.02       0.02  
    $ 0.04     $ 0.02  
Diluted earnings per share:
                
   Common Stock:
                
Distributed earnings
   $ 0.02     $ -  
Undistributed income
     0.02       0.02  
    $ 0.04     $ 0.02  
 
 
The effect of the Company’s stock options as shown below have been excluded from the computation of diluted earnings per share for the following periods, as their effect would have been anti-dilutive:
 
 
(in thousands)
  
Three months ended March 31,
  
   
2012
    
2011
  
Stock options
     42       42