Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 4. EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:

				For the Three Months Ended March 31,
				2012						2011
				Common						Common
Dollars in thousands,		Income		Shares		Per		Income		Shares		Per
except per share amounts		(Numerator) (Denominator)				Share	(Numerator) (Denominator)					Share
Net income	$	1,698					$	(248	)
Less preferred stock dividends		(194	)					(74	)
Basic EPS	$	1,504		7,425,472	$	0.20	$	(322	)	7,425,472	$	(0.04	)
Effect of dilutive securities:
Stock options		-		-				-		-
Series 2009 convertible
preferred stock		74		674,545				-		-
Series 2011 convertible
preferred stock		120		1,500,000				-		-
Diluted EPS	$	1,698		9,600,017	$	0.18	$	(322	)	7,425,472	$	(0.04	)

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 March 31, 2012 and 2011 totaled 289,380 shares and 312,180 shares, respectively. Our anti-dilutive convertible preferred stock totaled 674,545 shares at March 31, 2011.