Note 6 - Basic And Diluted Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Text Block]

NOTE 6 – BASIC AND DILUTED EARNINGS PER SHARE

(In thousands of dollars except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Earnings per share
Net income	$	2,715	$	1,630	$	7,536	$	3,473
Preferred stock dividends and accretion of discount		220		420		1,060		1,260
Income available to common shareholders	$	2,495	$	1,210	$	6,476	$	2,213
Weighted average common shares outstanding		7,948		7,857		7,924		7,832
Basic Earnings per Share	$	0.31	$	0.15	$	0.82	$	0.28
Earnings per share assuming dilution
Net income	$	2,715	$	1,630	$	7,536	$	3,473
Preferred stock dividends and accretion of discount		220		420		1,060		1,260
Income available to common shareholders	$	2,495	$	1,210	$	6,476	$	2,213
Weighted average common shares outstanding		7,948		7,857		7,924		7,832
Add dilutive effect of assumed exercises of options		40		2		20		3
Weighted average common and dilutive potential common shares outstanding		7,988		7,859		7,944		7,835
Diluted Earnings per Share	$	0.31	$	0.15	$	0.82	$	0.28

Stock options for 254,497 shares for the three months and 292,447 for the nine months of 2012, were not considered in computing diluted earnings per share because they were anti-dilutive. Stock options and warrants for 1,030,057 shares for the three and nine month periods of 2011, were not considered in computing diluted earnings per share because they were anti-dilutive.