Earnings Per Common Share ("EPS")

6 Months Ended

Jun. 30, 2011

Earnings Per Common Share ("EPS")

Earnings Per Common Share ("EPS")

(2.) EARNINGS PER COMMON SHARE ("EPS")

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and six months ended June 30, 2011 and 2010 (in thousands, except per share amounts).

		Three months ended				Six months ended
		June 30,				June 30,
		2011		2010		2011		2010
Net income available to common shareholders		$	5,349	$	4,267	$	9,094	$	8,666
Less:  Earnings allocated to participating securities			10		29		20		59
Earnings allocated to common shares outstanding		$	5,339	$	4,238	$	9,074	$	8,607
Weighted average common shares used to calculate basic EPS			13,631		10,761		12,489		10,754
Add: Effect of common stock equivalents			76		85		104		46
Weighted average common shares used to calculate diluted EPS			13,707		10,846		12,593		10,800
Earnings per common share:
	Basic	$	0.39	$	0.39	$	0.73	$	0.80
	Diluted	$	0.39	$	0.39	$	0.72	$	0.80
For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive:
	Stock options		368		395		360		423
	Restricted stock awards		2		2		7		1
	Warrant		-		-		-		188
			370		397		367		612