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Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 7 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (EPS) for the six months ended June 30, 2011 and 2010:

		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
For the six months ended June 30, 2011
Net income as reported		$	6,336,000
Less dividends and amortization of premium on preferred stock			674,000
Basic EPS: Income available to common shareholders			5,662,000				9,781,766			$	0.58
Effect of dilutive securities: incentive stock options and warrants							10,399
Diluted EPS: Income available to common shareholders plus assumed conversions		$	5,662,000				9,792,165			$	0.58
For the six months ended June 30, 2010
Net income as reported		$	5,844,000
Less dividends and amortization of premium on preferred stock			674,000
Basic EPS: Income available to common shareholders			5,170,000				9,753,500			$	0.53
Effect of dilutive securities: incentive stock options							5,009
Diluted EPS: Income available to common shareholders plus assumed conversions		$	5,170,000				9,758,509			$	0.53

The following table sets forth the computation of basic and diluted earnings per share (EPS) for the quarters ended June 30, 2011 and 2010:

		Income				Shares				Per-Share
		(Numerator)				(Denominator)				Amount
For the quarter ended June 30, 2011
Net income as reported		$	3,193,000
Less dividends and amortization of premium on preferred stock			337,000
Basic EPS: Income available to common shareholders			2,856,000				9,784,743			$	0.29
Effect of dilutive securities: incentive stock options and restricted stock							12,238
Diluted EPS: Income available to common shareholders plus assumed conversions		$	2,856,000				9,796,981			$	0.29
For the quarter ended June 30, 2010
Net income as reported		$	3,160,000
Less dividends and amortization of premium on preferred stock			337,000
Basic EPS: Income available to common shareholders			2,823,000				9,756,907			$	0.29
Effect of dilutive securities: incentive stock options							5,128
Diluted EPS: Income available to common shareholders plus assumed conversions		$	2,823,000				9,762,035			$	0.29

All earnings per share calculations have been made using the weighted average number of shares outstanding during the period. The potentially dilutive securities are incentive stock options and unvested shares of restricted stock granted to certain key members of Management and warrants granted to the U.S. Treasury under the CPP. The number of dilutive shares is calculated using the treasury method, assuming that all options and warrants were exercisable at the end of each period. Options and warrants that are out-of-the-money are not considered in the calculation of dilutive earnings per share as the effect would be anti-dilutive.

The following table presents the number of options and warrants outstanding as of June 30, 2011 and 2010 and the amount which are above or below the strike price:

	Outstanding	In-the-Money	Out-of-the-Money
As of June 30, 2011
Incentive stock options	55,500	13,500	42,000
Warrants issued to U.S. Treasury	225,904	-	225,904
Total dilutive securities	281,404	13,500	267,904
As of June 30, 2010
Incentive stock options	55,500	13,500	42,000
Warrants issued to U.S. Treasury	225,904	-	225,904
Total dilutive securities	281,404	13,500	267,904

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+ 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

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