EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7 - EARNINGS PER SHARE

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

	March 31, 2012						March 31, 2011
For the three months ended:	Net Income			Weighted Average Shares	Per Share Amount		Net Income			Weighted Average Shares	Per Share Amount
Basic earnings per common share:
Net income	$	6,011		20,211,983			$	4,546		20,136,188
Preferred dividends and accretion	(763		)				(763		)
Net income available to common shareholders	$	5,248		20,211,983	$	0.26	$	3,783		20,136,188	$	0.19
Effect of Dilutive stock options				53,588						47,292
Net income available to common shareholders and assumed conversions	$	5,248		20,265,571	$	0.26	$	3,783		20,183,480	$	0.19

Stock options for 251,655 common shares and stock warrants for 571,906 common shares in 2012 and stock options for 251,116 common shares and stock warrants for 571,906 common shares in 2011 were not considered in computing diluted earnings per share because they were antidilutive.