EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The Company had a total of 17,724,306 shares of common stock issued and outstanding as of June 30, 2012, out of an authorized total of 50,000,000 shares. The fully diluted calculation utilizes a total of 17,720,071 shares for the three month period ended June 30, 2012 and 14,858,952 shares for the three month period ended June 30, 2011 based on the calculations set forth below.  Since the calculation is anti-dilutive, the basic and fully diluted weighted average shares outstanding are 17,720,071 and 14,858,952 for 2012 and 2011. The convertible preferred shares convert to an aggregate of 2,419,355 common shares based on a conversion price of $6.20.

	Three months ended June 30, 2012			Three months ended June 30, 2011
Numerator:
Net income before preferred dividends	$	3,095		$	3,329
Preferred stock dividends	(758		)	(660		)
Net income applicable to common stockholders	$	2,337		$	2,669
Denominator:
Weighted average common shares for basic EPS	17,720,071			14,858,952
Effect of dilutive securities:
Average price during period	8.33			7.37
Long term incentive stock option plan	479,785			479,785
Average exercise price of stock options	5.66			5.66
Shares that could be acquired with the proceeds of options	325,969			368,369
Dilutive shares due to options	153,816			111,416
Weighted average convertible preferred shares at $6.20	2,419,355			2,419,355
Weighted average common shares for diluted EPS	17,720,071			14,858,952
Basic EPS	$	0.13		$	0.18
Diluted EPS	$	0.13		$	0.18