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OUTSTANDING SHARES AND EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2012
OUTSTANDING SHARES AND EARNINGS PER SHARE [Abstract]  
OUTSTANDING SHARES AND EARNINGS PER SHARE
4.
OUTSTANDING SHARES AND EARNINGS PER SHARE

On January 26, 2012, the Board of Directors of the Company declared a 1% stock dividend payable as of March 30, 2012.  All income per share amounts have been adjusted to give retroactive effect to stock dividends.

Earnings Per Share (EPS)

Basic EPS includes no dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period.  Diluted EPS includes all common stock equivalents ("in-the-money" stock options, unvested restricted stock, stock units, warrants and rights, convertible bonds and preferred stock), which reflects the potential dilution of securities that could share in the earnings of an entity.
 
The following table presents a reconciliation of basic and diluted EPS for the three-month and nine-month periods ended September 30, 2012 and 2011.

 
Three months ended
 
 
Nine months ended
 
 
September 30,
 
 
September 30,
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
Basic earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
1,204
 
 
$
948
 
 
$
3,503
 
 
$
2,509
 
Preferred stock dividend and accretion
 
$
(286
)
 
$
(607
)
 
$
(857
)
 
$
(1,107
)
Net income available to common stockholders
 
$
918
 
 
$
341
 
 
$
2,646
 
 
$
1,402
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
9,201,668
 
 
 
9,161,197
 
 
 
9,198,882
 
 
 
9,156,811
 
Basic EPS
 
$
0.10
 
 
$
0.04
 
 
$
0.29
 
 
$
0.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
1,204
 
 
$
948
 
 
$
3,503
 
 
$
2,509
 
Preferred stock dividend and accretion
 
$
(286
)
 
$
(607
)
 
$
(857
)
 
$
(1,107
)
Net income available to common stockholders
 
$
918
 
 
$
341
 
 
$
2,646
 
 
$
1,402
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
9,201,668
 
 
 
9,161,197
 
 
 
9,198,882
 
 
 
9,156,811
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of dilutive shares
 
 
25,321
 
 
 
9
 
 
 
25,249
 
 
 
1,160
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted weighted average common shares outstanding
 
 
9,226,989
 
 
 
9,161,206
 
 
 
9,224,131
 
 
 
9,157,971
 
Diluted EPS
 
$
0.10
 
 
$
0.04
 
 
$
0.29
 
 
$
0.15
 

Stock options which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 349,809 shares and 421,665 shares for the three months ended September 30, 2012 and 2011, respectively.  Stock options which were not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect amounted to 347,527 shares and 428,989 shares for the nine months ended September 30, 2012 and 2011, respectively.  There were no non-vested shares of restricted stock not included in the computation of diluted earnings per share because they would have an anti-dilutive effect for the three-month and nine-month periods ended September 30, 2012.  Non-vested shares of restricted stock not included in the computation of diluted earnings per share because they would have an anti-dilutive effect amounted to 46,781 shares for the three-month and nine-month periods ended September 30, 2011.  In addition, warrants for 352,977 shares issued to the U.S. Treasury were not used in the computation of diluted earnings per share for the three-month and nine-month periods ended September 30, 2011 because they would have had an anti-dilutive effect.