Earnings per Common Share

9 Months Ended

Sep. 30, 2011

Earnings per Common Share [Abstract]

(9) Earnings per Common Share

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if certain shares issuable upon exercise of options and non-vested restricted stock were included.

The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computations:

(dollars in thousands)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Income available to common shareholders	$	3,625	$	15,957	$	10,629	$	20,617

Weighted average number of common shares, basic		15,343,000		15,309,000		15,339,000		15,303,000
Effect of dilutive stock awards and CPP warrants		48,000		164,000		82,000		149,000
Weighted average number of common shares, diluted		15,391,000		15,473,000		15,421,000		15,452,000

Earnings per common share
Basic	$	0.24	$	1.04	$	0.69	$	1.35
Diluted	$	0.24	$	1.03	$	0.69	$	1.33

Antidilutive stock awards excluded from computation of diluted earnings per common share		101,644		54,725		71,636		63,492