XML 48 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share
 3 Months Ended
Mar. 31, 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 three months ended March 31, 2012 and 2011:

   
Income
  
Shares
  
Per-Share
 
   
(Numerator)
  
(Denominator)
  
Amount
 
For the quarter ended March 31, 2012
         
Net income as reported
 $2,913,000       
Less dividends and amortization of premium on preferred stock
  181,000       
Basic EPS: Income available to common shareholders
  2,732,000   9,817,029  $0.28 
Effect of dilutive securities: restricted stock
      11,196     
Diluted EPS: Income available to common shareholders plus assumed conversions
 $2,732,000   9,828,225  $0.28 
For the quarter ended March 31, 2011
            
Net income as reported
 $3,143,000         
Less dividends and amortization of premium on preferred stock
  337,000         
Basic EPS: Income available to common shareholders
  2,806,000   9,778,756  $0.29 
Effect of dilutive securities: incentive stock options and restricted stock
      8,527     
Diluted EPS: Income available to common shareholders plus assumed conversions
 $2,806,000   9,787,283  $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 March 31, 2012 and 2011 and the amount which are above or below the strike price:

 
 Outstanding
 In-the-Money
 Out-of-the-Money
As of March 31, 2012
     
Incentive stock options
42,000
-
42,000
Warrants issued to U.S. Treasury
225,904
-
225,904
Total
267,904
-
267,904
As of March 31, 2011
     
Incentive stock options
55,500
13,500
42,000
Warrants issued to U.S. Treasury
225,904
-
225,904
Total
281,404
13,500
267,904