Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

NOTE 4.  EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:

	For the Three Months Ended June 30,
	2011							2010
				Common							Common
Dollars in thousands,	Income			Shares		Per		Income			Shares		Per
except per share amounts	(Numerator)			(Denominator)		Share		(Numerator)			(Denominator)		Share
Net income	$	905						$	(2,878	)
Less preferred stock dividends		(74	)						(74	)
Basic EPS	$	831			7,425,472	$	0.11	$	(2,952	)		7,425,472	$	(0.40	)
Effect of dilutive securities:
Stock options		-			-				-			-
Convertible preferred stock		-			-				-			-
Diluted EPS	$	831			7,425,472	$	0.11	$	(2,952	)		7,425,472	$	(0.40	)

	For the Six Months Ended June 30,
	2011							2010
				Common							Common
Dollars in thousands,	Income			Shares		Per		Income			Shares		Per
except per share amounts	(Numerator)			(Denominator)		Share		(Numerator)			(Denominator)		Share
Net income	$	657						$	(2,758	)
Less preferred stock dividends		(148	)						(148	)
Basic EPS	$	509			7,425,472	$	0.07	$	(2,906	)		7,425,472	$	(0.39	)
Effect of dilutive securities:
Stock options		-			-				-			-
Convertible preferred stock		-			-				-			-
Diluted EPS	$	509			7,425,472	$	0.07	$	(2,906	)		7,425,472	$	(0.39	)

Stock option grants and the conversion of preferred stock are disregarded in this computation if they are determined to be anti-dilutive.  Our anti-dilutive stock options at June 30, 2011 and 2010 totaled 312,180 shares and 309,180 shares, respectively.  Our anti-dilutive convertible preferred shares totaled 674,545 shares at June 30, 2011 and 2010.