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Earnings per Share | 9 Months Ended
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Sep. 30, 2012
Earnings per Share [Abstract] |
Earnings per Share |
(10) |  | Earnings per Share
Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares that were outstanding during the year. The calculations of basic and diluted earnings per share are as follows for the periods indicated:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Basic (loss) earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (1,571,541 | ) |  | $ | 1,515,639 |  |  | $ | 619,225 |  |  | $ | 3,877,750 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends |  |  | 228,188 |  |  |  | 378,187 |  |  |  | 893,694 |  |  |  | 1,130,360 |
Accretion of discount on preferred stock |  |  | 71,873 |  |  |  | 119,119 |  |  |  | 587,372 |  |  |  | 357,356 |
Net (loss) income available to common shareholders |  | $ | (1,871,602 | ) |  | $ | 1,018,333 |  |  | $ | (861,841 | ) |  | $ | 2,390,034 |
Basic (loss) earnings per share |  | $ | (0.39 | ) |  | $ | 0.21 |  |  | $ | (0.18 | ) |  | $ | 0.49 |
Diluted (loss) earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (1,571,541 | ) |  | $ | 1,515,639 |  |  | $ | 619,225 |  |  | $ | 3,877,750 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends |  |  | 228,188 |  |  |  | 378,187 |  |  |  | 893,694 |  |  |  | 1,130,360 |
Accretion of discount on preferred stock |  |  | 71,873 |  |  |  | 119,119 |  |  |  | 587,372 |  |  |  | 357,356 |
Net (loss) income available to common shareholders |  | $ | (1,871,602 | ) |  | $ | 1,018,333 |  |  | $ | (861,841 | ) |  | $ | 2,390,034 |
Average shares outstanding |  |  | 4,839,114 |  |  |  | 4,839,114 |  |  |  | 4,839,114 |  |  |  | 4,839,114 |
Effect of dilutive stock options |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Average shares outstanding including dilutive stock options |  |  | 4,839,114 |  |  |  | 4,839,114 |  |  |  | 4,839,114 |  |  |  | 4,839,114 |
Diluted (loss) earnings per share |  | $ | (0.39 | ) |  | $ | 0.21 |  |  | $ | (0.18 | ) |  | $ | 0.49 |
Under the treasury stock method, outstanding stock options are dilutive when the average market price of our Company’s common stock, when combined with the effect of any unamortized compensation expense, exceeds the option price during the period, except when our Company has a loss from continuing operations available to common shareholders. In addition, proceeds from the assumed exercise of dilutive options along with the related tax benefit are assumed to be used to repurchase common shares at the average market price of such stock during the period. The following options to purchase shares during the three and nine months ended September 30, 2012 and 2011 were not included in the respective computations of diluted earnings per share because the exercise price of the option, when combined with the effect of the unamortized compensation expense, was greater than the average market price of the common shares and were considered anti-dilutive.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Anti-dilutive shares - option shares |  |  | 215,343 |  |  |  | 270,835 |  |  |  | 215,343 |  |  |  | 270,835 |
Anti-dilutive shares - warrant shares |  |  | 287,133 |  |  |  | 287,133 |  |  |  | 287,133 |  |  |  | 287,133 |
Total anit-dilutive shares |  |  | 502,476 |  |  |  | 557,968 |  |  |  | 502,476 |  |  |  | 557,968 |

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- Definition The entire disclosure for earnings per share. + 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=7655603&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=16381557&loc=d3e4984-109258 Reference 3: 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 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=7655603&loc=d3e1278-109256 Reference 5: 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 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 + Details
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