XML 36 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2012
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 261,583 common shares, at exercise prices ranging from $2.57 to $6.10, and 1,478,417 common shares, at exercise prices ranging from $2.20 to $6.10, were outstanding as of March 31, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per common share because to do so would be antidilutive. Dividends and accretion of discount on preferred shares are deducted from net income in the calculation of earnings per common share.

 

     Three months ended
March 31,		  
     2012      2011  
     (In thousands, except per share data)  

Numerator:

      

Net income

    $ 1,565       $ 1,263   

Preferred stock dividends and

accretion of preferred stock discount

      263         290   
  

 

 

     

 

 

  

Net income available to common shareholders

    $ 1,302       $ 973   
  

 

 

     

 

 

  

Denominator:

      

Weighted average common shares outstanding (basic)

      20,679         21,208   

Effect of stock options/warrants

      43         22   
  

 

 

     

 

 

  

Weighted average common shares outstanding (diluted)

      20,722         21,230   
  

 

 

     

 

 

  

Earnings per common share:

      

Basic

    $ 0.06       $ 0.05   

Diluted

      0.06         0.05