Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Note 15: Earnings Per Share

Earnings per share (EPS) were computed as follows:

	Year Ended December 31, 2011
	Net Income			Weighted- Average Shares		Per Share Amount
	(In thousands)
Net income	$	3,091
Dividends on non-vested restricted stock		(95	)
Net income allocated to stockholders		2,996
Basic earnings per share
Income available to common stockholders		––			4,754,739	$	0.63
Effect of dilutive securities
Restricted stock awards		––			41,067
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	2,996		$	4,795,806	$	0.62

Options to purchase 53,714 shares of common stock at an average exercise price of $10.34 per share were outstanding at December 31, 2011, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares.

	Year Ended December 31, 2010
	Net Income			Weighted- Average Shares		Per Share Amount
	(In thousands)
Net income	$	2,547
Dividends on non-vested restricted stock		(101	)
Net income allocated to stockholders		2,446
Basic earnings per share
Income available to common stockholders					4,690,458	$	0.52
Effect of dilutive securities
Restricted stock awards					27,192
Diluted earnings per share
Income available to common stockholders and assumed conversions	$	2,446		$	4,717,650	$	0.52

Options to purchase 53,714 shares of common stock at an average exercise price of $10.34 per share were outstanding at December 31, 2010, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares.