Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share

Earnings Per Common Share

Note 6:  Earnings Per Common Share

Net income per common share has been computed as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	(in thousands, except per share data)
Net income available to common stockholders	$	6,164	$	4,402	$	13,498	$	7,337
Shares:
Weighted average common shares outstanding	86,597		66,361		83,987		66,361
Dilutive effect of outstanding options and warrants as determined by the application of the treasury stock method	20		—		14		—
Weighted average common shares outstanding, as adjusted for diluted earnings per share calculation	86,617		66,361		84,001		66,361
Basic earnings per common share	$	0.07	$	0.07	$	0.16	$	0.11
Diluted earnings per common share	$	0.07	$	0.07	$	0.16	$	0.11

Basic earnings per share are computed by dividing net income available to common shareholders for the period by the weighted average number of shares outstanding.

Diluted earnings per share are determined by dividing net income available to common stockholders for the period by the weighted average number of shares of common stock and common stock equivalents outstanding. Common stock equivalents assume exercise of stock options and use of proceeds to purchase treasury stock at the average market price for the period.  If the average market price for the period is less than the strike price of a stock option, that option is considered anti-dilutive and is excluded from the calculation of common stock equivalents.  At June 30, 2011, 1,134,672 outstanding options, 573,833 warrants, and 17,600 restricted stock units were anti-dilutive and excluded from the calculation of common stock equivalents.