Earnings Per Share:

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 5 Earnings Per Share:

Basic earnings per share are based on the weighted average number of shares outstanding before any dilution from common stock equivalents.  Diluted earnings per share reflect the potential dilution that could 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 shares in the earnings of the entity.

The following is a reconciliation of the net income and shares outstanding to the income and number of shares used to compute EPS:

	Three Months Ending					Six Months Ending
	30-Jun-11					30-Jun-11
	Income			Shares		Income			Shares
	(Numerator)			(Denominator)		(Numerator)			(Denominator)
	(dollars in thousands except earnings per share)
Net Income (Loss)	$	(563	)			$	(912	)
Less Dividends and Accretion on Preferred Stock		(60	)				(120	)
Average Shares Outstanding					2,003,131					2,003,131
Used in Basic EPS		(623	)		2,003,131		(1,032	)		2,003,131
Dilutive Effect of Outstanding Stock Options					-					-
Used in Diluted EPS	$	(623	)		2,003,131	$	(1,032	)		2,003,131
Basic	$	(0.31	)			$	(0.52	)
Diluted	$	(0.31	)			$	(0.52	)

Common stock equivalents for the three and six months ending June 30, 2011 have been excluded from the calculation of diluted earnings (loss) per share since their effect was anti-dilutive.