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Earnings Per Common Share
 6 Months Ended
Jun. 30, 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 244,083 common shares, at exercise prices ranging from $2.75 to $6.10, and 1,478,417 common shares, at exercise prices ranging from $2.20 to $6.10, were outstanding as of June 30, 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
June 30,		     Six months ended
June 30,		  
    2012     2011     2012     2011  
    (In thousands, except per share data)  

Numerator:

                                

Net income

   $ 1,432     $ 1,938     $ 2,997     $ 3,201  

Preferred stock dividends and accretion of preferred stock discount

     262       290       525       580  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net income available to common shareholders

   $ 1,170     $ 1,648     $ 2,472     $ 2,621  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Denominator:

                                

Weighted average common shares outstanding (basic)

     19,584       21,208       20,132       21,208  

Effect of stock options/warrants

     68       28       54       25  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding (diluted)

     19,652       21,236       20,186       21,233  
   

 

 

    

 

 

    

 

 

    

 

 

  
         

Earnings per common share:

                                

Basic

   $ 0.06     $ 0.08     $ 0.12     $ 0.12  

Diluted

     0.06       0.08       0.12       0.12