EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 4 – EARNINGS PER SHARE

Basic earnings 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 per share for the periods presented:

	December 31,
	2011		2010		2009
Net income (loss) allocated to common shareholders	$	3,990	$	23,735	$	(13,235	)
Weighted-average number of common shares outstanding - basic		10,071,566		6,303,005		1,206,001
Stock-based compensation plans		141,263		97,893		-
Warrants		71,532		48,115		-
Weighted-average number of common shares - diluted		10,284,361		6,449,013		1,206,001
Basic earnings (loss) per share	$	0.40	$	3.78	$	(10.98	)
Diluted earnings (loss) per share	$	0.39	$	3.69	$	(10.98	)

Stock options outstanding for 34,130 shares of common stock with exercise prices ranging from $12.96 to $33.00 and warrants for 130,047 shares of common stock with exercise prices ranging from $16.50 to $68.82 for the year ended December 31, 2011 were not dilutive because the exercise prices were greater than the average market price. Stock options outstanding for 9,616 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 year ended December 31, 2010 were not dilutive because the exercise prices were greater than the average market price.  Stock options outstanding for 14,936 shares of common stock with exercise prices ranging from $30.75 to $33.00 and warrants for 238,973 shares of common stock with an exercise price of $16.50 for the year ended December 31, 2009 were not dilutive due to losses in 2009.