EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2011

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7 - EARNINGS PER SHARE

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

	September 30, 2011						September 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	$	5,615		20,194,421	$		$	4,600		20,136,362	$
Preferred dividends and accretion	(763		)				(763		)
Net income available to common shareholders	$	4,852		20,194,421	$	0.24	$	3,837		20,136,362	$	0.19
Effect of dilutive shares/warrants				36,674						13,544
Net income available to common shareholders and assumed conversions	$	4,852		20,231,095	$	0.24	$	3,837		20,149,906	$	0.19

	September 30, 2011						September 30, 2010
				Weighted	Per					Weighted	Per
	Net			Average	Share		Net			Average	Share
For the nine months ended	Income			Shares	Amount		Loss			Shares	Amount
Basic earnings per common share:
Net income	$	17,787		20,171,550	$		$	10,014		20,136,362	$
Preferred dividends and accretion	(2,290		)				(2,290		)
Net income available to common shareholders	$	15,497		20,171,550	$	0.77	$	7,724		20,136,362	$	0.38
Effect of dilutive shares/warrants				40,192						13,380
Net income available to common shareholders and assumed conversions	$	15,497		20,211,742	$	0.77	$	7,724		20,149,742	$	0.38

Stock options for 260,616 common shares and stock warrants for 571,906 common shares for both the third quarter and YTD in 2011 and stock options for 311,441 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.