Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share

Earnings Per Share

Note 4. Earnings Per Share

The Company calculates earnings per share under FASB ASC topic 260, Earnings Per Share. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

The following tables show the Company's earnings per share for the periods presented:

	For the three months ended
	March 31, 2012
	Income		Shares		Per share
	(numerator)		(denominator)		amount
	(dollars in thousands except per share data)
Basic earnings per share
Net income available to common shareholders	$	3,972		33,097,325	$	0.12
Effect of dilutive securities
Common stock options		-		9,712		-
Diluted earnings per share
Net income available to common shareholders	$	3,972		33,107,037	$	0.12

Stock options for 1,604,115 shares, exercisable at prices between $10.00 and $25.43 per share, were outstanding at March 31, 2012 but were not included in the dilutive shares because the exercise price per share was greater than the average market price.

	For the three months ended
	March 31, 2011
	Income		Shares		Per share
	(numerator)		(denominator)		amount
	(dollars in thousands except per share data)
Basic earnings per share
Net income available to common shareholders	$	2,688		28,051,948	$	0.10
Effect of dilutive securities
Stock options		-		6,385		-
Diluted earnings per share
Net income available to common shareholders	$	2,688		28,058,333	$	0.10

Stock options for 2,201,115 shares and stock appreciation rights for 60,000 shares, exercisable at prices between $7.81 and $25.43 share, were outstanding at March 31, 2011 but were not included in the dilutive shares because the exercise share price was greater than the average market price.