EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 7 - EARNINGS PER SHARE

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

	June 30, 2012						June 30, 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	$	6,982		20,258,692			$	7,626		20,183,924
Preferred dividends and accretion	(473		)				(764		)
Net income available to common shareholders	$	6,509		20,258,692	$	0.32	$	6,862		20,183,924	$	0.34
Effect of Dilutive stock options				61,118						35,782
Net income available to common shareholders and assumed conversions	$	6,509		20,319,810	$	0.32	$	6,862		20,219,706	$	0.34

Stock options for 296,972 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 in 2011 were not considered in computing diluted earnings per share because they were antidilutive.

	June 30, 2012						June 30, 2011
For the six 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	$	12,993		20,235,338			$	12,172		20,159,924
Preferred dividends and accretion	(1,236		)				(1,527		)
Net income available to common shareholders	11,757			20,235,338	$	0.58	10,645			20,159,924	$	0.53
Effect of Dilutive stock options				57,622						41,841
Net income available to common shareholders and assumed conversions	$	11,757		20,292,960	$	0.58	$	10,645		20,201,765	$	0.53

Stock options for 274,313 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 in 2011 were not considered in computing diluted earnings per share because they were antidilutive.