Loss Per Share and Capital Matters

12 Months Ended

Dec. 31, 2011

Loss Per Share and Capital Matters [Abstract]

Loss Per Share and Capital Matters

Note 15 - Loss Per Share and Capital Matters

(Table amounts in $ 000s, except per share data)

Information related to common stockholders' equity at December 31, 2011 and 2010 was as follows:

	2011		2010
Par value per share	$	0.40	$	0.40
Authorized shares		6,500,000		6,500,000
Issued shares		4,472,255		4,472,255
Outstanding shares		4,277,755		4,072,255
Treasury shares		194,500		400,000

During 2009, the Company issued preferred stock and common stock equivalents from warrants related to funds received from the Treasury through its Capital Purchase Program. However, common stock equivalents from warrants during 2011, 2010 and 2009 were antidilutive and, therefore, not used in computing diluted loss per share.  

 Net loss available to common stockholders was utilized to calculate both basic and diluted loss per share for all years presented.  Information regarding weighted average shares utilized in computing basic and diluted loss per share is as follows:

	2011			2010			2009
Basic earnings per share:
Net loss	$	(6,687	)	$	(6,362	)	$	(35,558	)
Dividends to preferred stockholders		938			893			743
Accretion of discount on preferred stock		136			127			111
Net loss available to common stockholders	$	(7,761	)	$	(7,382	)	$	(36,412	)
Weighted average common shares outstanding		4,276,478			4,072,255			4,072,255
Basic loss per share	$	(1.81	)	$	(1.81	)	$	(8.94	)
Diluted earnings per share:
Net loss	$	(6,687	)	$	(6,362	)	$	(35,558	)
Dividends to preferred stockholders		938			893			743
Accretion of discount on preferred stock		136			127			111
Net loss available to common stockholders	$	(7,761	)	$	(7,382	)	$	(36,412	)
Weighted average common shares outstanding		4,276,478			4,072,255			4,072,255
Add: Dilutive effect of assumed warrant exercises		0			0			0
Weighted average common and dilutive common shares outstanding		4,276,478			4,072,255			4,072,255
Diluted loss per share	$	(1.81	)	$	(1.81	)	$	(8.94	)

At the May 21, 2009 annual meeting of stockholders, the 2009 Restricted Stock Plan (the "Plan") was approved by the stockholders.  The Plan authorizes the issuance of 400,000 shares of the Company's common stock to be issued in whole or in part from treasury shares or authorized and unissued shares not reserved for any other purpose. Awards from the Plan may be made to directors and employees of both the Company and/or its subsidiaries and may consist of restricted stock with associated voting rights and the right to receive dividends.  Awards may also be issued as stock units not having voting rights or the right to receive dividends until the terms of the award are satisfied and the shares of the Company's stock are actually issued; however, dividends may be credited to a restricted stock award.  The terms and conditions of each award is set forth and described in an award agreement between the Company and the participant.

During 2011, 207,500 shares of restricted Company stock were issued pursuant to the Plan from treasury stock.  Subsequently during 2011, 2,000 shares of the restricted stock were forfeited and returned to treasury stock.  The net effect was that at year-end 2011, these transactions increased the amount of shares outstanding to 4,277,755.