Earnings per Common Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

4. Earnings per Common Share

Basic earnings per common share (EPS) excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under stock options and warrants.

The factors used in the Corporation’s earnings per common share computation follow:

(Dollar amounts in thousands, except for per share amounts)	For the three months ended				For the nine months ended
	September 30,				September 30,
	2012		2011		2012		2011
Earnings per common share - basic
Net income	$	669	$	1,049	$	2,963	$	2,680
Preferred stock dividends and discount accretion		118		201		368		397
Net income available to common stockholders	$	551	$	848	$	2,595	$	2,283
Average common shares outstanding		1,751,908		1,747,408		1,751,908		1,652,865
Basic earnings per common share	$	0.31	$	0.49	$	1.48	$	1.38
Earnings per common share - diluted
Net income available to common stockholders	$	551	$	848	$	2,595	$	2,283
Average common shares outstanding		1,751,908		1,747,408		1,751,908		1,652,865
Add: Dilutive effects of assumed exercises of stock options		-		2,059		-		2,688
Average shares and dilutive potential common shares		1,751,908		1,749,467		1,751,908		1,655,553
Diluted earnings per common share	$	0.31	$	0.49	$	1.48	$	1.38
Stock options, restricted stock awards and warrants not considered in computing diluted earnings per share because they were antidilutive		84,000		148,861		84,000		148,861