EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7 - EARNINGS PER SHARE

Earnings per common share (EPS) were computed as follows:

	June 30, 2011						June 30, 2010
				Weighted	Per					Weighted	Per
	Net			Average	Share		Net			Average	Share
For the three months ended	Income			Shares	Amount		Income			Shares	Amount
Basic earnings per common share:
Net income	$	7,626		20,183,924	$		$	2,165		20,136,362	$
Preferred dividends and accretion	(764		)				(764		)
Net income available to common shareholders	$	6,862		20,183,924	$	0.34	$	1,401		20,136,362	$	0.07
Effect of dilutive shares/warrants				35,782						25,614
Net income available to common shareholders and assumed conversions	$	6,862		20,219,706	$	0.34	$	1,401		20,161,976	$	0.07

	June 30, 2011						June 30, 2010
				Weighted	Per					Weighted	Per
	Net			Average	Share		Net			Average	Share
For the six months ended	Income			Shares	Amount		Loss			Shares	Amount
Basic earnings per common share:
Net income	$	12,172		20,159,924	$		$	5,414		20,136,362	$
Preferred dividends and accretion	(1,527		)				(1,527		)
Net income available to common shareholders	$	10,645		20,159,924	$	0.53	$	3,887		20,136,362	$	0.19
Effect of dilutive shares/warrants				41,841						14,137
Net income available to common shareholders and assumed conversions	$	10,645		20,201,765	$	0.53	$	3,887		20,150,499	$	0.19

Stock options for 251,116 common shares and stock warrants for 571,906 common shares for both the second quarter and YTD in 2011 and stock options for 262,441 common shares on a quarterly basis and 305,441 common shares on a YTD basis and stock warrants for 571,906 common shares in 2010 were not considered in computing diluted earnings per share because they were antidilutive.