Exhibit 11

Earnings Per Share

Earnings per Share are calculated as follows:

(in thousands, except shares and per share amounts)

	For the years ended December 31,
	2011		2010
Numerator for both basic and diluted earnings per share:
Net Income	$	2,702	$	2,237
Less dividends or preferred stock		44		—
Denominator:
Total average shares outstanding		2,147,890		1,598,432
Effect of dilutive stock options		2,194,410		1,625,884
Total diluted average shares outstanding
Earnings Per Share - Basic	$	1.24	$	1.40
Earnings Per Share - Diluted	$	1.21	$	1.38