Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share

Earnings Per Share

Note 7 — Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common shares in treasury.  Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that would then share in earnings and excludes common shares in treasury.  Stock options exercisable for shares of common stock are excluded from the computation of diluted earnings per share if they are anti-dilutive due to their exercise price exceeding the average market price during the period.

For the three and six months ended June 30, 2012 and 2011, the impact of 410,179 stock options for the three months ended June 30, 2012, 362,198 stock options for the three months ended June 30, 2011, 434,595 stock options for the six months ended June 30, 2012 and 362,992 stock options for the six months ended June 30, 2011 were anti-dilutive and excluded from the computations.  The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases.

The following tables set forth the Company’s unaudited earnings per share calculations for the periods indicated:

	Three Months Ended June 30,
	2012					2011
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	5,811				$	785
Basic income available to common stockholders	5,811		10,329,934	$	0.56	785		10,084,626	$	0.08
Effect of warrants and dilutive stock options	—		339,071			—		494,302
Diluted income available to common stockholders plus assumed conversions	$	5,811	10,669,005	$	0.55	$	785	10,578,928	$	0.08

	Six Months Ended June 30,
	2012					2011
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	8,503				$	5,557
Basic income available to common stockholders	8,503		10,332,935	$	0.82	5,557		10,067,066	$	0.55
Effect of warrants and dilutive stock options	—		314,655			—		650,191
Diluted income available to common stockholders plus assumed conversions	$	8,503	10,647,590	$	0.80	$	5,557	10,717,257	$	0.52