Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Note 6: Earnings Per Share

The following table presents reconciliations of the calculations of basic and diluted earnings per common share for the periods indicated:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
(In thousands except per share data)	2011	2010	2011	2010
Net income	$3,629	$4,586	$6,730	$8,415
Weighted average common shares outstanding	6,206	6,162	6,199	6,157
Dilutive effect of common stock equivalents	10	0	11	0
Weighted average common and common equivalent	6,216	6,162	6,210	6,157
shares outstanding
Basic earnings per common share	$  0.58	$  0.74	$  1.09	$  1.37
Diluted earnings per common share	$  0.58	$  0.74	$  1.08	$  1.37

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding for the three and six months ended June 30, 2011 and 2010. For the three and six months ended June 30, 2011 and 2010, there were average stock options outstanding of 10,000, which were not considered in the calculation of diluted earnings per share because the stock options' exercise price was greater than the average market price during these periods.