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Earnings Per Common Share
9 Months Ended
Sep. 30, 2011
Earnings Per Common Share [Abstract] 
Earnings Per Common Share

NOTE 3. Earnings Per Common Share

 

Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The number of potential common shares is determined using the treasury method and relates to outstanding stock options and unvested restricted stock grants.

 

The following table shows the weighted average number of shares used in computing earnings per share for the three and nine months ended September 30, 2011 and 2010 and the effect on the weighted average number of shares of dilutive potential common stock. Potential dilutive common stock had no effect on income available to common shareholders.

 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2011

2010

2011

2010

Average number of common shares outstanding

    3,302,082

3,249,236

    3,287,943

3,238,010

Effect of dilutive common stock

           9,390

9,995

           7,953

8,011

Average number of common shares outstanding

    used to calculate diluted earnings per share

    3,311,472

3,259,231

    3,295,896

3,246,021