Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share [Abstract]

NOTE 6: Earnings Per Common Share

The components of the Corporation's earnings per common share calculations are as follows:

(Dollars in thousands)	Three Months Ended September 30,
	2011			2010
Net income	$	3,513		$	2,586
Accumulated dividends on Series A Preferred Stock		(225	)		(250	)
Accretion of Series A Preferred Stock discount		(233	)		(38	)
Net income available to common shareholders	$	3,055		$	2,298
Weighted average number of common shares used in earnings per common share – basic		3,141,926			3,089,211
Effect of dilutive securities:
Stock option awards and Warrant		32,443			7,779
Weighted average number of common shares used in earnings per common share – assuming dilution		3,174,369			3,096,990


(Dollars in thousands)	Nine Months Ended September 30,
		2011			2010
Net income	$	9,565		$	5,733
Accumulated dividends on Series A Preferred Stock		(725	)		(750	)
Accretion of Series A Preferred Stock discount		(312	)		(111	)
Net income available to common shareholders	$	8,528		$	4,872
Weighted average number of common shares used in earnings per common share – basic		3,132,332			3,082,384
Effect of dilutive securities:
Stock option awards and Warrant		34,598			17,058
Weighted average number of common shares used in earnings per common share – assuming dilution		3,166,930			3,099,442

Potential common shares that may be issued by the Corporation for its stock option awards and the warrant to purchase common shares issued in connection with the Corporation's participation in the CPP are determined using the treasury stock method. Approximately 343,000 and 380,000 shares issuable upon exercise of options were not included in computing diluted earnings per common share for the three months ended September 30, 2011 and 2010, respectively, and 333,000 and 363,000 shares issuable upon exercise of options were not included in computing diluted earnings per common share for the nine months ended September 30, 2011 and 2010, respectively, because they were anti-dilutive.