Earnings Per Common Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

5.   Earnings Per Common Share

Earnings per common share were computed as follows:

	Three months ended September 30,						Nine months ended  September 30,
	2012			2011			2012			2011
	(In thousands, except for share and per share amounts)
Basic:
Net income	$	1,941		$	1,877		$	5,730		$	5,520
Less:  Preferred stock dividend and amortization of discount		(163	)		(561	)		(633	)		(1,094	)
Net income available to common shareholders	$	1,778		$	1,316		$	5,097		$	4,426
Average shares outstanding		3,364,334			3,319,094			3,360,224			3,313,212
Net income per common share, basic	$	0.53		$	0.40		$	1.52		$	1.34
Diluted:
Net income available to common shareholders	$	1,778		$	1,316		$	5,097		$	4,426
Average shares:
Common shares outstanding for basic		3,364,334			3,319,094			3,360,224			3,313,212
Add: Dilutive effect of outstanding warrants		-			99,413			-			116,131
Average shares and dilutive potential common shares		3,364,334			3,418,507			3,360,224			3,429,343
Net income per common share, diluted	$	0.53		$	0.38		$	1.52		$	1.29

Stock options for 168,100 shares of common stock were excluded from the calculation of diluted net income per common share for the three and nine months ended September 30, 2012 because their effect was antidilutive. This compares to stock options for 188,700 and 192,700 shares of common stock that were excluded from the calculation of diluted net income per common share for the three and nine months ended September 30, 2011.

Deferred stock units totaling 38,000 were excluded from the calculation of diluted net income per common share for the three and nine months ended September 30, 2011 because all of the conditions necessary for issuance of common stock had not been met as of those dates.

Restricted share awards of 37,022 and 33,022 common shares were excluded from the calculation of diluted net income per common share for the three and nine months ended September 30, 2012 and 2011, respectively, because all of the conditions necessary for issuance of common stock had not been met as of those dates.