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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
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,        
        2013           2012    
        Common           Common    
Dollars in thousands,   Income   Shares   Per   Income   Shares   Per
except per share amounts   (Numerator)   (Denominator)   Share (Numerator)   (Denominator)   Share
Net income $ 1,793         $ 1,698        
Less preferred stock dividends   (194 )         (194 )      
 
Basic EPS $ 1,599   7,432,254 $ 0.22 $ 1,504   7,425,472 $ 0.20
 
Effect of dilutive securities:                        
Stock options       7,087           -    
Series 2009 convertible                        
preferred stock   74   674,545       74   674,545    
Series 2011 convertible                        
preferred stock   120   1,500,000       120   1,500,000    
 
Diluted EPS $ 1,793   9,613,886 $ 0.19 $ 1,698   9,600,017 $ 0.18

 

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, 2013 and 2012 totaled 170,500 shares and 289,380 shares, respectively.