Note 6 - Basic And Diluted Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Text Block]

NOTE 6 – BASIC AND DILUTED EARNINGS PER SHARE

(Dollars in Thousands Except per Share Data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Earnings per share
Net income	$	1,630	$	1,324	$	3,473	$	2,920
Preferred dividends and accretion of discount		420		420		1,260		1,260
Income available to common shareholders	$	1,210	$	904	$	2,213	$	1,660
Weighted average common shares outstanding		7,857,000		7,776,000		7,832,000		7,757,000
Basic Earnings per Share	$	0.15	$	0.12	$	0.28	$	0.22
Earnings per share assuming dilution
Net income	$	1,630	$	1,324	$	3,473	$	2,920
Preferred dividends and accretion of discount		420		420		1,260		1,260
Income available to common shareholders	$	1,210	$	904	$	2,213	$	1,660
Weighted average common shares outstanding		7,857,000		7,776,000		7,832,000		7,757,000
Add dilutive effect of assumed exercises of options		2,000		2,000		3,000		1,000
Weighted average common and dilutive       potential common shares outstanding		7,859,000		7,778,000		7,835,000		7,758,000
Diluted Earnings per Share	$	0.15	$	0.12	$	0.28	$	0.22

Stock options and stock warrants for 1,030,057 shares for the three month and nine month periods of 2011, and stock options and warrants for 1,042,695 shares for the three and six month periods of 2010, were not considered in computing diluted earnings per share because they were anti-dilutive.