Outstanding Shares and Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Outstanding Shares and Earnings (Loss) Per Share [Abstract]

Outstanding Shares and Earnings (Loss) Per Share

 (11) Outstanding Shares and Earnings (Loss) Per Share

All income per share amounts have been adjusted to give retroactive effect to stock dividends and stock splits, including the 1% stock dividend declared on January 26, 2012, payable March 30, 2012 to shareholders of record as of February 29, 2012.

Earnings (Loss) Per Share

	(in thousands, except per share amounts)
	2011			2010			2009
Basic  earnings (loss)per share:
Net income (loss)	$	2,664		$	2,665		$	(1,054	)
Preferred stock dividend and accretion		(1,399	)		(992	)		(792	)
Net income (loss)  available to common shareholders	$	1,265		$	1,673		$	(1,846	)
Weighted average common shares outstanding		9,158,982			9,107,990			9,064,402
Basic earnings (loss)  per share	$	0.14		$	0.18		$	(0.20	)
Diluted  earnings (loss) per share:
Net  income (loss)	$	2,664		$	2,665		$	(1,054	)
Preferred stock dividend and accretion		(1,399	)		(992	)		(792	)
Net  income (loss) available to common shareholders	$	1,265		$	1,673		$	(1,846	)
Net (loss) income available to common shareholders
Weighted average common shares outstanding		9,158,982			9,107,990			9,064,402
Effect of dilutive options		862			1,599			-
Adjusted weighted average common shares outstanding		9,159,844			9,109,589			9,064,402
Diluted  earnings (loss) per share	$	0.14		$	0.18		$	(0.20	)

Basic and diluted earnings (loss) per share for the years ended December 31, were computed as follows:

Options not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 409,747 shares, 497,314 shares and 429,204 shares for the year ended December 31, 2011, 2010 and 2009, respectively.  Non-vested shares of restricted stock not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 45,045 shares, 46,096 shares and 35,817 shares for the year ended December 31, 2011, 2010 and 2009, respectively.  In addition, 352,977 warrants issued to the U.S. Treasury were not used in the computation of diluted earnings per share for the year ended December 31, 2011, 2010 and 2009 because they would have had an anti-dilutive effect.