Loss Per Share and Capital Matters

12 Months Ended

Dec. 31, 2012

Loss Per Share and Capital Matters [Abstract]

Loss Per Share and Capital Matters

Note 14 - Loss Per Share and Capital Matters

Information related to common stockholders' equity at December 31, 2012 and 2011 was as follows:

	2012		2011
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		4,270,755		4,277,755
Treasury shares		201,500		194,500

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 2012, 2011 and 2010 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:

	2012			2011			2010
Basic earnings per share:
Net loss	$	(12,580	)	$	(6,687	)	$	(6,362	)
Dividends accrued to preferred stockholders		988			938			893
Accretion of discount on preferred stock		143			136			127
Net loss available to common stockholders	$	(13,711	)	$	(7,761	)	$	(7,382	)
Weighted average common shares outstanding		4,275,236			4,276,478			4,072,255
Basic loss per share	$	(3.21	)	$	(1.81	)	$	(1.81	)
Diluted earnings per share:
Net loss	$	(12,580	)	$	(6,687	)	$	(6,362	)
Dividends accrued to preferred stockholders		988			938			893
Accretion of discount on preferred stock		143			136			127
Net loss available to common stockholders	$	(13,711	)	$	(7,761	)	$	(7,382	)
Weighted average common shares outstanding		4,275,236			4,276,478			4,072,255
Add: Dilutive effect of common stock equivalents		0			0			0
Weighted average common and dilutive common shares outstanding		4,275,236			4,276,478			4,072,255
Diluted earnings per share	$	(3.21	)	$	(1.81	)	$	(1.81	)

At the May 21, 2009 annual meeting of stockholders, the 2009 Restricted Stock Plan (the "Plan") was approved by the stockholders. The Plan authorized 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 and subsequently during 2011, 2,000 shares of the restricted stock were forfeited and returned to treasury stock. These 2011 transactions increased the shares outstanding at December 31, 2011 to 4,277,755. During 2012, 7,000 shares of the restricted stock were forfeited and returned to treasury stock decreasing the shares outstanding at December 31, 2012 to 4,270,755.

On March 7, 2013, the Company filed a post-effective amendment to its Registration Statement on Form S-8 to deregister all shares of the Company's common stock covered by the Form S-8 Registration Statement that remained unsold under the Plan.