Note 3 - Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

3.  Earnings Per Common Share

Basic earnings per share have been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings per share has been computed on the basis of the weighted average number of shares of common stock outstanding after giving effect to potential common shares from dilutive stock options and certain non-vested shares of restricted stock. The following table provides the reconciliation between basic and diluted earnings per share:

	Three Months Ended March 31,
	2013		2012
(In thousands, except per share data)
Basic earnings per share:
Earnings applicable to common stock	$	565	$	2,447
Basic weighted average common shares outstanding		13,979		14,237
Basic earnings per share	$	0.04	$	0.17
Diluted earnings per share:
Earnings applicable to common stock	$	565	$	2,447
Basic weighted average common shares outstanding		13,979		14,237
Dilutive effect of stock options and restricted stock awards		44		43
Dilutive weighted average common shares outstanding		14,023		14,280
Diluted earnings per share	$	0.04	$	0.17

For the three months ended March 31, 2013 and 2012 options to purchase 191,200 and 189,000 shares of common stock, respectively were outstanding but were not included in the computation of diluted earnings per share as the option’s exercise price was greater than the average market price of the common shares for the respective periods.