EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2011

(Loss) earnings per share:

EARNINGS (LOSS) PER SHARE

2.         (LOSS) EARNINGS PER SHARE

The Company utilizes the two-class method to report its (loss) earnings per share.  The two-class method is a (loss) earnings allocation formula that determines (loss) earnings per share for each class of common stock according to dividends declared and participation rights in undistributed (loss) earnings.  The Company's Certificate of Incorporation, as amended, states that Class B common shares are entitled to dividends at least 5% greater than dividends paid on Class A common shares, resulting in the two-class method of computing (loss) earnings per share.  In computing (loss) earnings per share, the Company has allocated dividends declared to Class A and Class B based on amounts actually declared for each class of stock and 5% more of the undistributed (loss) earnings has been allocated to Class B shares than to the Class A shares on a per share basis.  Basic (loss) earnings per common share are computed by dividing net (loss) earnings by the weighted-average number of common shares outstanding during the period.  Diluted earnings per common share, for each class of common stock, are computed by dividing net earnings by the weighted-average number of common shares and potential common shares outstanding during the period.  There were no potential common shares outstanding during the three or six months ended June 30, 2011 or 2010 which would have had a dilutive effect on (loss) earnings per share.

The (loss) earnings and weighted-average shares outstanding used in the computation of basic and diluted (loss) earnings per share are as follows (dollars in thousands, except share and per share data):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011			2010		2011		2010
Numerator:
Net (loss) earnings	$	(574	)	$	4,790	$	2,670	$	4,670
Less Dividends:
Class A		131			131		261		261
Class B		666			667		1,333		1,331
Undistributed (loss) earnings	$	(1,371	)	$	3,992	$	1,076	$	3,078
Undistributed (loss) earnings allocation - basic and diluted:
Class A undistributed (loss) earnings		(244	)		715		192		552
Class B undistributed (loss) earnings		(1,127	)		3,277		884		2,526
Total undistributed (loss) earnings	$	(1,371	)	$	3,992	$	1,076	$	3,078
Net (loss) earnings allocation - basic and diluted:
Class A allocated (loss) earnings		(113	)		846		453		813
Class B allocated (loss) earnings		(461	)		3,944		2,217		3,857
Net (loss) earnings	$	(574	)	$	4,790	$	2,670	$	4,670
Denominator:
Weighted-average shares outstanding:
Class A common share - basic and diluted		2,174,912			2,174,912		2,174,912		2,174,912
Class B common share - basic and diluted		9,582,610			9,495,824		9,554,354		9,480,134
(Loss) earnings per share:
Class A common share - basic and diluted	$	(0.05	)	$	0.39	$	0.21	$	0.37
Class B common share - basic and diluted	$	(0.05	)	$	0.42	$	0.23	$	0.41