Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.

For the three month periods ended June 30, 2012 and 2011, average anti-dilutive employee share-based awards totaled 115,050 and 139,158, respectively. For the six month periods ended June 30, 2012 and 2011, average anti-dilutive employee share-based awards totaled 116,148 and 138,766, respectively.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012		2011
	(Dollars in Thousands, Except Share Data)
Basic earnings per common share
Net income	$	1,565	$	2,513	$	3,775	$	3,862
Less: earnings allocated to participating securities	58		95		138		147
Basic earnings allocated to common shareholders	$	1,507	$	2,418	$	3,637	$	3,715
Weighted-average common shares outstanding, excluding participating securities	2,530,651		2,499,136		2,530,368		2,498,530
Basic earnings per common share	$	0.60	$	0.97	$	1.44	$	1.49
Diluted earnings per common share
Earnings allocated to common shareholders	$	1,507	$	2,418	$	3,637	$	3,715
Reallocation of undistributed earnings	—		—		—		—
Diluted earnings allocated to common shareholders	$	1,507	$	2,418	$	3,637	$	3,715
Weighted average common shares outstanding, excluding participating securities	2,530,651		2,499,136		2,530,368		2,498,530
Dilutive effect of share-based awards	1,940		—		1,479		—
Weighted-average diluted common shares outstanding, excluding participating securities	2,532,591		2,499,136		2,531,847		2,498,530
Diluted earnings per common share	$	0.60	$	0.97	$	1.44	$	1.49