Note 6 - Basic And Diluted Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

NOTE 6 – BASIC AND DILUTED EARNINGS PER SHARE

(Dollars in Thousands Except per Share Data)	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Earnings per share
Net income	$	2,404	$	628	$	4,821	$	1,843
Preferred stock dividends and accretion of discount		420		420		840		840
Income available to common shareholders	$	1,984	$	208	$	3,981	$	1,003
Weighted average common shares outstanding		7,928,000		7,833,000		7,912,000		7,820,000
Basic Earnings per Share	$	0.25	$	0.03	$	0.50	$	0.13
Earnings per share assuming dilution
Net income	$	2,404	$	628	$	4,821	$	1,843
Preferred stock dividends and accretion of discount		420		420		840		840
Income available to common shareholders	$	1,984	$	208	$	3,981	$	1,003
Weighted average common shares outstanding		7,928,000		7,833,000		7,912,000		7,820,000
Add dilutive effect of assumed exercises of options		67,000		2,000		15,000		2,000
Weighted average common and dilutive potential common shares outstanding		7,995,000		7,835,000		7,927,000		7,822,000
Diluted Earnings per Share	$	0.25	$	0.03	$	0.50	$	0.13

Stock options and stock warrants for 255,182 shares for the three months and 872,079 for the six months of 2012, were not considered in computing diluted earnings per share because they were anti-dilutive. Stock options and warrants for 1,033,518 shares for the three and six month periods of 2011, were not considered in computing diluted earnings per share because they were anti-dilutive.