Earnings per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

15. Earnings per Share

Basic net income per common share is calculated by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is computed in a manner similar to basic net income per common share except that the weighted-average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. The Company’s common stock equivalents relate solely to stock option and restricted stock awards. Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. For the years ended December 31, 2011 and December 31, 2010, anti-dilutive options excluded from the calculations totaled 306,477 and 318,098 options, respectively (with an exercise price of $11.12) and 7,482 options in each period (with an exercise price of $12.51). Unreleased common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating either basic or diluted net income per common share.

The following table shows earnings per share information at December 31, 2011, 2010 and 2009:

	For the years ended December 31,
	2011		2010		2009
Net income available to common stockholders	$	2,204,000	$	1,451,000	$	1,993,000
Weighted-average shares outstanding during the period
Basic		6,702,503		6,812,365		6,796,567
Effect of dilutive stock options and restrictive stock awards		-		-		-
Diluted		6,702,503		6,812,365		6,796,567
Net income per common share:
Basic and diluted earnings per share	$	0.33	$	0.21	$	0.29