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

Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are treated as retired for earnings per share purposes. Options and warrants to purchase 1,478,417 common shares, at exercise prices ranging from $2.20 to $6.10, and 1,453,142 common shares, at exercise prices ranging from $1.77 to $6.10, were outstanding as of September 30, 2011 and 2010, respectively, but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. Options to purchase 144,195 common shares at exercise prices ranging from $1.53 to $2.07 were outstanding as of September 30, 2011, and were included in the computation of dilutive earnings per common share. Dividends and accretion of discount on preferred shares are deducted from net income in the calculation of earnings per common share.

 

    

Three months ended

September 30,

     

Nine months ended

September 30,

  
     2011      2010      2011      2010  
     (In thousands, except per share data)  

Numerator:

            

Net income

    $ 1,566       $ 609       $ 4,767       $ 168   

Preferred stock dividends and accretion of preferred stock discount

      539         291         1,119         872   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income (loss) available to common shareholders

    $ 1,027       $ 318       $ 3,648       $ (704 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Weighted average common shares outstanding (basic)

      21,208         21,224         21,208         21,224   

Effect of stock options/warrants

      19         1         23         5   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding (diluted)

      21,227         21,225         21,231         21,229   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings (Loss) per common share:

            

Basic

    $ 0.05       $ 0.02       $ 0.17       $ (0.03 ) 

Diluted

      0.05         0.02         0.17         (0.03 )