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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
Basic earnings per share (EPS), which excludes dilution, is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options, stock appreciation rights settled in stock or restricted stock awards, result in the issuance of common stock which shares in the earnings of the Company. 
 
A reconciliation of the numerators and denominators of the basic and diluted EPS computations is as follows:
 
Basic Earnings Per share
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
(In thousands, except share and per share amounts)
 
2012
 
2011
 
2012
 
2011
Net Income
 
$
2,456

 
$
1,408

 
$
5,878

 
$
4,769

Less: Preferred stock dividends and accretion
 
(87
)
 
(202
)
 
(262
)
 
(400
)
Income available to common shareholders
 
$
2,369

 
$
1,206

 
$
5,616

 
$
4,369

Weighted average shares outstanding
 
9,602,473

 
9,547,816

 
9,588,321

 
9,513,387

Basic earnings per share
 
$
0.25

 
$
0.13

 
$
0.59

 
$
0.46

 
Diluted Earnings Per share
 
For the Three Months
Ended September 30,
 
For the Nine Months
Ended September 30,
(In thousands, except share and per share amounts)
 
2012
 
2011
 
2012
 
2011
Net Income
 
$
2,456

 
$
1,408

 
$
5,878

 
$
4,769

Less: Preferred stock dividends and accretion
 
(87
)
 
(202
)
 
(262
)
 
(400
)
Income available to common shareholders
 
$
2,369

 
$
1,206

 
$
5,616

 
$
4,369

Weighted average shares outstanding
 
9,602,473

 
9,547,816

 
9,588,321

 
9,513,387

Effect of dilutive stock options
 
32,866

 
9,793

 
24,881

 
21,039

Weighted average shares of common stock and common stock equivalents
 
9,635,339

 
9,557,609

 
9,613,202

 
9,534,426

Diluted earnings per share
 
$
0.25

 
$
0.13

 
$
0.58

 
$
0.46




During the nine month periods ended September 30, 2012 and 2011, options to purchase 364,209 and 436,929 shares of common stock, respectively, were not factored into the calculation of dilutive stock options because they were anti-dilutive. 

On October 17, 2012, the Board of Directors declared a $0.05 per common share cash dividend to shareholders of record at the close of business on November 15, 2012 which will be paid on November 30, 2012.