Note 5 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Text Block]

5.     EARNINGS PER COMMON SHARE

Basic earnings per common share (“EPS”) is computed by dividing net income (after deducting dividends on preferred stock) by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Stock options, restricted common shares and warrants can be dilutive common shares and are therefore considered in the earnings per share calculation, if dilutive.  Stock options, restricted common shares and warrants that are antidilutive are excluded from earnings per share calculation.  Stock options, restricted common shares and warrants are antidilutive when the exercise price is higher than the current market price of the Company’s common stock. For the three months ended September 30, 2012 and 2011, there were 302,406 and 1,231,972 antidilutive stock options, respectively.  For the nine months ended September 30, 2012 and 2011, there were 520,343 and 1,233,180 antidilutive stock options, respectively.  The number of potentially dilutive common shares is determined using the treasury stock method.

	As of and for the Three Months Ended September 30,				As of and for the Nine Months Ended September 30,
	2012		2011		2012		2011
	(In thousands, except per share amounts)
Net income available to common shareholders	$	2,712	$	1,668	$	7,403	$	4,947
Weighted average common shares in basic EPS		18,307		13,145		15,666		13,141
Effect of dilutive securities		341		89		210		75
Weighted average common and potentially dilutive common shares used in diluted EPS		18,648		13,234		15,876		13,216
Earnings per common share:
Basic	$	0.15	$	0.13	$	0.47	$	0.38
Diluted	$	0.15	$	0.13	$	0.47	$	0.37