Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share [Abstract]

Earnings per Share

(11) Earnings per Share

     Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share gives effect to all dilutive potential common shares that were outstanding during the year. The calculations of basic and diluted earnings per share are as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Basic earnings per common share:
Net income	$	1,408,494	$	782,466	$	2,362,111	$	1,276,234
Less:
Preferred stock dividends		382,390		382,390		752,173		752,173
Accretion of discount on preferred stock		119,118		119,118		238,237		238,237
Net income available to common shareholders	$	906,986	$	280,958	$	1,371,701	$	285,824
Basic earnings per share	$	0.19	$	0.06	$	0.29	$	0.06
Diluted earnings per common share:
Net income	$	1,408,494	$	782,466	$	2,362,111	$	1,276,234
Less:
Preferred stock dividends		382,390		382,390		752,173		752,173
Accretion of discount on preferred stock		119,118		119,118		238,237		238,237
Net income available to common shareholders	$	906,986	$	280,958	$	1,371,701	$	285,824
Average shares outstanding		4,652,994		4,652,994		4,652,994		4,652,994
Effect of dilutive stock options		—		—		—		—
Average shares outstanding including dilutive stock options		4,652,994		4,652,994		4,652,994		4,652,994
Diluted earnings per share	$	0.19	$	0.06	$	0.29	$	0.06

     Under the treasury stock method, outstanding stock options are dilutive when the average market price of our Company’s common stock, when combined with the effect of any unamortized compensation expense, exceeds the option price during the period, except when our Company has a loss from continuing operations available to common shareholders. In addition, proceeds from the assumed exercise of dilutive options along with the related tax benefit are assumed to be used to repurchase common shares at the average market price of such stock during the period.

     The following options to purchase shares during the three and six months ended June 30, 2011 and 2010, respectively, were not included in the respective computations of diluted earnings per share because the exercise price of the option, when combined with the effect of the unamortized compensation expense, was greater than the average market price of the common shares and were considered anti-dilutive.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Anti-dilutive shares — option shares		260,466		298,382		260,466		298,382
Anti-dilutive shares — warrant shares		276,090		276,090		276,090		276,090