Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

(2) Earnings Per Common Share

The Company has adopted the EPS guidance included in ASC 260-10. As presented below, basic earnings or loss per share is computed by dividing income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share reflect the potential dilution that occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used.

Treasury shares and unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

Earnings per common share have been computed based on the following:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net (loss) income available to common stockholders	$	(20,000	)	$	335,000		$	312,000		$	621,000
Basic common shares:
Weighted average shares outstanding		2,643,903			2,638,387			2,642,279			2,638,387
Less:  Weighted average unallocated ESOP shares		(34,035	)		(42,229	)		(35,059	)		(43,252	)
Add:  Weighted average unvested restricted stock
shares with non-forfeitable dividend rights		36,552			24,055			34,386			17,166
Basic weighted average common shares outstanding		2,646,420			2,620,213			2,641,606			2,612,301
Dilutive potential common shares		-			-			197			-
Diluted weighted average common shares outstanding		2,646,420			2,620,213			2,641,803			2,612,301
Basic earnings per share	$	(0.01	)	$	0.13		$	0.12		$	0.24
Diluted earnings per share	$	(0.01	)	$	0.13		$	0.12		$	0.24

Options to purchase 42,348 and 24,000 shares were not included in the computation of diluted earnings per share for the three months ended June 30, 2011 and 2010, respectively, because to do so would have been antidilutive. Of the 42,348 options to purchase shares, 21,748 were not included in the computation of diluted earnings for the six months ended June 30, 2011, because to do so would have been antidilutive.  Options to purchase 24,000 shares were not included in the computation of diluted earnings per share for the six months ended June 30, 2010, because to do so would have been antidilutive.