Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2011

Basic and diluted earnings per share (EPS)

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

Number of options and warrants outstanding and amount above or below the strike price

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