EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 3: EARNINGS PER SHARE

Earnings per share have been computed based upon the weighted average common shares outstanding.

	Three Months Ended March 31, 2012						Three Months Ended March 31, 2011
	Income		Weighted Average Shares		Per Share Amount		Income		Weighted Average Shares		Per Share Amount
	(Unaudited; In Thousands, Except Share Amounts)
Basic earnings per share
Income available to common stockholders	$	502		1,514,472	$	.33	$	711		1,514,472	$	.47
Effect of dilutive RRP awards and stock options				1,380						1,106
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	502		1,515,852	$	.33	$	711		1,515,578	$	.47

Net income for the three-month period ending March 31, 2012, of $592,000 was reduced by $90,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $502,000. For the three-month period ending March 31, 2011, net income of $802,000 was reduced by $91,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $711,000.

Certain groups of options were not included in the computation of diluted earnings per share because the option price was greater than the average market price of the common shares. For the three-month periods ended March 31, 2012 and March 31, 2011, options to purchase 5,000 shares at an exercise price of $22.25 per share were outstanding and were not included in the computation of diluted earnings for those periods. In addition, for the three months ended March 31, 2011, options to purchase 19,000 shares at an exercise price of $14.56 per share were also outstanding and were not included in the computation of diluted earnings per share for that period.