Note 4 - Earnings Per Share

3 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share [Text Block]

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented.  Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

	(In Thousands Except per Share Amounts) Three Months Ended June 30,
	2011					2010
Basic:	Income			Shares		Income			Shares
Net Income	$	3,625			15,598	$	4,424			13,972
Preferred Dividend		(51	)				(52	)
Earnings Applicable to Common Stock	$	3,574			15,598	$	4,372			13,972
Basic EPS	$	0.23				$	0.31
Diluted:
Earnings Applicable to Common Stock	$	3,574			15,598	$	4,372			13,972
$7.00 Series Preferred Dividend		24			167		24			167
$8.00 Series Preferred Dividend		14			96		14			96
Adjusted Earnings Applicable to  Common Stock	$	3,612			15,861	$	4,410			14,235
Diluted EPS	$	0.23				$	0.31

	(In Thousands Except per Share Amounts) Six Months Ended June 30,
	2011					2010
Basic:	Income			Shares		Income			Shares
Net Income	$	6,255			15,587	$	5,984			13,756
Preferred Dividend		(103	)				(104	)
Earnings Applicable to Common Stock	$	6,152			15,587	$	5,880			13,756
Basic EPS	$	0.40				$	0.43
Diluted:
Earnings Applicable to Common Stock	$	6,152			15,587	$	5,880			13,756
$7.00 Series Preferred Dividend		49			167		49			167
$8.00 Series Preferred Dividend		28			96		28			96
Adjusted Earnings Applicable to  Common Stock	$	6,229			15,850	$	5,957			14,019
Diluted EPS	$	0.40				$	0.42