EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2011

NOTE 4 – EARNINGS PER SHARE

Basic earnings (loss) per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if (i) options to purchase common stock were exercised and (ii) warrants to purchase common stock were exercised. Potential common shares that may be issued related to outstanding stock options are determined using the treasury stock method. The following are the components of the Bancorp's earnings (loss) per share for the periods presented:

	For the three months ended September 30,				For the nine months ended September 30,
	2011		2010		2011		2010
Net income available to common stockholders	$	2,340	$	27,834	$	806	$	23,295

Weighted average number of common shares outstanding – basic		9,876,004		7,215,132		9,621,548		5,879,870
Warrants		73,258		21,248		64,360		7,440
Stock-based compensation plans		144,560		68,612		127,561		53,184

Weighted average number of common shares - diluted		10,093,822		7,304,992		9,813,469		5,940,494

Basic earnings per common share	$	0.24	$	3.86	$	0.08	$	3.96

Diluted earnings per common share	$	0.23	$	3.81	$	0.08	$	3.92

Stock options outstanding for 34,130 shares of common stock with exercise prices ranging from $12.96 to $33.00 per share and warrants for 130,047 shares of common stock with an exercise price of $16.50 to $68.82 per share for the three and nine month ended September 30, 2011 were not dilutive, because the exercise price was greater than the average market price. Stock options outstanding for 9,617 shares of common stock with exercise prices ranging from $30.75 to $33.00 and warrants for 11,197 shares of common stock with an exercise price of $16.50 for the three and nine month periods ended September 30, 2010 were not dilutive because the exercise price was greater than the average market price.