Earnings Per Common Share

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share [Abstract]

Earnings Per Common Share

Note 7.  Earnings (Loss) Per Common Share

A reconciliation of the numerator and denominator used in the earnings (loss) per common share calculations is as follows:

	Three Months Ended June 30, 2011
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	192			22,238
Less preferred stock dividends		(127	)
Net income applicable to common shareholders		65			22,238	$	-
Diluted Earnings Per Common Share:
Effect of dilutive stock options					168
Net income applicable to common shareholders	$	65			22,406	$	-

	Three Months Ended June 30, 2010
	Income			Shares (In thousands)		Per Share Amount
Basic and Diluted Loss Per Common Share:
Net income	$	76			22,286
Less preferred stock dividends		(127	)
Net loss applicable to common shareholders	$	(51	)		22,286	$	-

	Six Months Ended June 30, 2011
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	661			22,246
Less preferred stock dividends		(254	)
Net income applicable to common shareholders		407			22,246	$	.02
Diluted Earnings Per Common Share:
Effect of dilutive stock options					127
Net income applicable to common shareholders	$	407			22,373	$	.02

	Six Months Ended June 30, 2010
	Income			Shares (In thousands)		Per Share Amount
Basic Earnings Per Common Share:
Net income	$	493			22,288
Less preferred stock dividends		(254	)
Net income applicable to common shareholders		239			22,288	$	.01
Diluted Earnings Per Common Share:
Effect of dilutive stock options					25
Net income applicable to common shareholders	$	239			22,313	$	.01

The assumed conversion of the Company's Series D Preferred Stock was excluded from the earnings (loss) per common share calculation for all periods presented since its impact would have been antidilutive.  All outstanding stock options were excluded from the loss per common share calculation for the three month period ended June 30, 2010 since their impact also would have been antidilutive.