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Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2012

Earnings per Share [Abstract]

Earning per share - basic and diluted

		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

Summary of anti-dilutive shares

		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

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph c

-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.

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations.

+ References

No definition available.

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