EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE

NOTE 6 – EARNINGS PER SHARE

The following tables show the calculation of both basic and diluted earnings per share (“EPS”) for the three and six months ended June 30, 2011 and 2010, respectively. The numerator of both the basic and diluted EPS is equivalent to net income.  The weighted average number of shares outstanding used as the denominator for diluted EPS is increased over the denominator used for basic EPS by the effect of potentially dilutive common stock options utilizing the treasury stock method.

	Three Months		Three Months
	Ended		Ended
	June 30, 2011		June 30, 2010
	(In Thousands, Except for Share  and Per Share Data)
BASIC EARNINGS PER SHARE:
Net income	$	2,671	$	1,678
Weighted average shares outstanding		10,324,502		10,573,210
Basic earnings per share	$	0.26	$	0.16
DILUTED EARNINGS PER SHARE:
Net income	$	2,671	$	1,678
Weighted average shares outstanding		10,324,502		10,573,210
Dilutive stock options		66,949		18,915
Weighted average diluted shares outstanding		10,391,451		10,592,125
Diluted earnings per share	$	0.26	$	0.16

	Six Months		Six Months
	Ended		Ended
	June 30, 2011		June 30, 2010
	(In Thousands, Except for Share and Per Share Data)
BASIC EARNINGS PER SHARE:
Net income	$	4,958	$	2,894
Weighted average shares outstanding		10,341,944		10,572,614
Basic earnings per share	$	0.48	$	0.27
DILUTED EARNINGS PER SHARE:
Net income	$	4,958	$	2,894
Weighted average shares outstanding		10,341,944		10,572,614
Dilutive stock options		56,120		18,202
Weighted average diluted shares outstanding		10,398,064		10,590,816
Diluted earnings per share	$	0.48	$	0.27