Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 6 – Earnings Per Common Share

Basic earnings per common share were computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding.  Diluted earnings per common share includes the potentially dilutive effects of the Company's equity plans and the warrant issued to the U.S. Treasury in connection with the Company's participation in the Treasury's Capital Purchase Program – see Note 15 for additional information.  The following is a reconciliation of the numerators and denominators used in computing basic and diluted earnings per common share:

	For the Three Months Ended September 30,
	2011								2010
($ in thousands except per     share amounts)	Income (Numer- ator)			Shares (Denom- inator)		Per Share Amount			Income (Numer- ator)		Shares (Denom- inator)		Per Share Amount
Basic EPS
Net income (loss) available to common shareholders	$	(732	)		16,875,918	$	(0.04	)	$	2,821		16,779,554	$	0.17
Effect of Dilutive Securities		-			27,113					-		27,581
Diluted EPS per common share	$	(732	)		16,903,031	$	(0.04	)	$	2,821		16,807,135	$	0.17

	For the Nine Months Ended September 30,
	2011						2010
($ in thousands except per     share amounts)	Income (Numer- ator)		Shares (Denom- inator)		Per Share Amount		Income (Numer- ator)		Shares (Denom- inator)		Per Share Amount
Basic EPS
Net income available to common shareholders	$	7,286		16,843,716	$	0.43	$	9,147		16,754,678	$	0.55
Effect of Dilutive Securities		-		27,294				-		29,354
Diluted EPS per common share	$	7,286		16,871,010	$	0.43	$	9,147		16,784,032	$	0.54

For both the three and nine month periods ended September 30, 2011, there were 545,347 and 542,916 options, respectively, that were antidilutive because the exercise price exceeded the average market price for the period.  For the three and nine months ended September 30, 2010, there were 636,252 and 609,252 options, respectively, that were antidilutive because the exercise price exceeded the average market price for the period.  In addition, the warrant for 616,308 shares issued to the U.S. Treasury (see Note 15) was antidilutive for the three and nine months ended September 30, 2011 and 2010.  Antidilutive options and warrants have been omitted from the calculation of diluted earnings per common share for the respective periods.