Earnings per Common Share

9 Months Ended

Sep. 30, 2011

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 10 - Earnings per Common Share

Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.  Diluted earnings per common share is adjusted for the dilutive effects of stock options, warrant, and restricted stock.  The diluted average number of common shares outstanding has been increased for the assumed exercise of stock options, warrant, and restricted stock with proceeds used to purchase treasury shares at the average market price for the period.  The computations were as follows for the three and nine months ended September 30, 2011 and 2010 (dollars in thousands, except share and per share data):

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
	2011		2010		2011		2010
Income from continuing operations	$	1,867		1,950		5,368		6,776
Income from discontinued operations, net of tax		-		39		793		177
Net income	$	1,867		1,989		6,161		6,953
Weighted average number of shares outstanding used in the calculation of basic earnings per common share		6,690,963		6,687,232		6,690,157		6,687,232
Add dilutive effect of:
Stock options		5,003		3,435		4,426		3,029
Restricted stock		-		2,511		-		2,033
Stock warrant		54,841		47,706		51,985		45,671
		59,844		53,652		56,411		50,733
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share		6,750,807		6,740,884		6,746,568		6,737,965
Basic earnings per common share:
Continuing operations	$	0.28		0.30		0.80		1.02
Discontinued operations		-		-		0.12		0.02
Diluted earnings per common share:
Continuing operations	$	0.28		0.30		0.80		1.02
Discontinued operations		-		-		0.12		0.02