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Earnings Per Common Share ("EPS")
9 Months Ended
Sep. 30, 2011
Earnings Per Common Share ("EPS") [Abstract] 
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 nine months ended September 30, 2011 and 2010 (in thousands, except per share amounts).

 

Three months ended

 

Nine months ended

 

September 30,

 

September 30,

 

2011

 

2010

 

2011

 

2010

Net income available to common shareholders

$

5,130

 

$

4,731

 

$

14,224

 

$

13,397

   Less:  Earnings allocated to participating securities

 

9

 

 

27

 

 

29

 

 

86

Net income available to common shareholders for EPS

$

5,121

 

$

4,704

 

$

14,195

 

$

13,311

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

   Total shares issued

 

14,162

 

 

11,348

 

 

13,409

 

 

11,348

   Unvested restricted stock awards

 

(171)

 

 

(161)

 

 

(164)

 

 

(156)

   Treasury shares

 

(356)

 

 

(409)

 

 

(369)

 

 

(430)

       Total basic weighted average common shares outstanding

 

13,635

 

 

10,778

 

 

12,876

 

 

10,762

 

 

 

 

 

 

 

 

 

 

 

 

       Incremental shares from assumed:

 

 

 

 

 

 

 

 

 

 

 

          Exercise of stock options

 

-

 

 

6

 

 

3

 

 

5

          Vesting of restricted stock awards

 

69

 

 

33

 

 

59

 

 

22

          Exercise of warrant

 

-

 

 

53

 

 

30

 

 

35

       Total diluted weighted average common shares outstanding

 

13,704

 

 

10,870

 

 

12,968

 

 

10,824

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.38

 

$

0.44

 

$

1.10

 

$

1.24

Diluted earnings per common share

$

0.37

 

$

0.43

 

$

1.09

 

$

1.23

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

 

394

 

 

390

 

 

372

 

 

412

 

Restricted stock awards

 

-

 

 

-

 

 

5

 

 

1

 

Warrant

 

-

 

 

-

 

 

-

 

 

124

 

 

 

394

 

 

390

 

 

377

 

 

537