Earnings Per Share

9 Months Ended

Sep. 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.

The impact of stock options which are anti-dilutive are excluded from the computations of diluted earnings per share.  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 table sets forth the number of stock options excluded for the periods indicated:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2012	2011	2012	2011
Stock options excluded	233,630	367,859	358,151	362,643

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

	Three Months Ended September 30,
	2012					2011
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	3,462				$	2,460
Basic income available to common stockholders	3,462		10,330,814	$	0.34	2,460		10,084,626	$	0.25
Effect of warrants and dilutive stock options	—		502,120			—		485,641
Diluted income available to common stockholders plus assumed conversions	$	3,462	10,832,934	$	0.32	$	2,460	10,570,267	$	0.23
	Nine Months Ended September 30,
	2012					2011
	Net			Per Share		Net			Per Share
	Income		Shares	Amount		Income		Shares	Amount
	(dollars in thousands, except per share data)
Net income	$	11,965				$	8,017
Basic income available to common stockholders	11,965		10,332,223	$	1.16	8,017		10,072,984	$	0.80
Effect of warrants and dilutive stock options	—		377,599			—		594,738
Diluted income available to common stockholders plus assumed conversions	$	11,965	10,709,822	$	1.12	$	8,017	10,667,722	$	0.75