Note 5 - Basic and Diluted Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

NOTE 5 – BASIC AND DILUTED EARNINGS PER SHARE

(Dollars in Thousands Except per Share Data)	Three Months Ended March 31,
	2012		2011
Earnings per share
Net income	$	2,417	$	1,215
Preferred dividends and accretion of discount		420		420
Income available to common shareholders	$	1,997	$	795
Weighted average common shares outstanding		7,897,000		7,807,000
Basic Earnings per Share	$	0.25	$	0.10
Earnings per share assuming dilution
Net income	$	2,417	$	1,215
Preferred dividends and accretion of discount		420		420
Income available to common shareholders	$	1,997	$	795
Weighted average common shares outstanding		7,897,000		7,807,000
Add dilutive effect of assumed exercises of options		6,000		3,000
Weighted average common and dilutive otential common shares outstanding		7,903,000		7,810,000
Diluted Earnings per Share	$	0.25	$	0.10

Stock options and stock warrants for 925,879 shares for the three month period of 2012, and stock options and warrants for 1,033,692 shares for the three month period of 2011, were not considered in computing diluted earnings per share because they were anti-dilutive.