Earnings Per Share

3 Months Ended

Sep. 30, 2011

Earnings Per Share

Earnings Per Share [Text Block]

NOTE 6: EARNINGS PER SHARE

	Three Months Ended September 30,
	2011	2010
	(In Thousands, Except
	Per Share Data)
Basic:
Average shares outstanding	13,466	13,437
Net income available to common shareholders	$4,443	$5,305
Per share amount	$0.33	$0.39
Diluted:
Average shares outstanding	13,466	13,437
Net effect of dilutive stock options and warrants – based on the treasury
stock method using average market price	27	541
Diluted shares	13,493	13,978
Net income available to common shareholders	$4,443	$5,305
Per share amount	$0.33	$0.38

Options to purchase 661,935 and 456,045 shares of common stock were outstanding at September 30, 2011 and 2010, respectively, but were not included in the computation of diluted earnings per share for each period because the options’ exercise prices were greater than the average market prices of the common shares for the three months ended September 30, 2011 and 2010, respectively.

	Nine Months Ended September 30,
	2011	2010
	(In Thousands, Except
	Per Share Data)
Basic:
Average shares outstanding	13,462	13,433
Net income available to common shareholders	$14,600	$14,981
Per share amount	$1.08	$1.12
Diluted:
Average shares outstanding	13,462	13,433
Net effect of dilutive stock options and warrants – based on the treasury
stock method using average market price	33	583
Diluted shares	13,495	14,016
Net income available to common shareholders	$14,600	$14,981
Per share amount	$1.08	$1.07

Options to purchase 616,235 and 420,545 shares of common stock were outstanding at September 30, 2011 and 2010, respectively, but were not included in the computation of diluted earnings per share for each period because the options’ exercise prices were greater than the average market prices of the common shares for the nine months ended September 30, 2011 and 2010, respectively.