Note 4 - Basic And Diluted Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Text Block]

NOTE 4 – BASIC AND DILUTED EARNINGS PER SHARE

(Dollars in Thousands Except per Share Data)	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Earnings per share
Net income	$	628	$	937	$	1,843	$	1,596
Preferred dividends and accretion of discount		420		420		840		840
Income available to common shareholders	$	208	$	517	$	1,003	$	756
Weighted average common shares outstanding		7,833,000		7,757,000		7,820,000		7,747,000
Basic Earnings per Share	$	0.03	$	0.07	$	0.13	$	0.10
Earnings per share assuming dilution
Net income	$	628	$	937	$	1,843	$	1,596
Preferred dividends and accretion of discount		420		420		840		840
Income available to common shareholders	$	208	$	517	$	1,003	$	756
Weighted average common shares outstanding		7,833,000		7,757,000		7,820,000		7,747,000
Add dilutive effect of assumed exercises of options		2,000		2,000		2,000		1,000
Weighted average common and dilutive potential common shares outstanding		7,835,000		7,759,000		7,822,000		7,748,000
Diluted Earnings per Share	$	0.03	$	0.07	$	0.13	$	0.10

Stock options and stock warrants for 1,033,518 shares for the three month and six month periods of 2011, and stock options and warrants for 1,044,495 shares for the three and six month periods of 2010, were not considered in computing diluted earnings per share because they were anti-dilutive.