Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

v2.4.0.6
EARNINGS PER COMMON SHARE
 6 Months Ended
Jun. 30, 2012
EARNINGS PER COMMON SHARE [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 8 - EARNINGS PER COMMON SHARE
 
A reconciliation of the numerators and denominators of basic and diluted earnings per common share for the three and six month periods ended June 30, 2012 and 2011 are as follows (dollars in thousands, except per share data):
 
 
 
Three Months
Ended
June 30,
2012
Three Months
Ended
June 30,
2011
 
 
Six Months
Ended
June 30,
2012
 
 
Six Months
Ended
June 30,
2011
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
3,186
$
2,401
 
 
$
7,671
 
 
$
3,692
Dividends declared on preferred shares
 
 
---
 
---
 
 
 
---
 
 
 
---
 
Net income available to common shares
 
$
3,186
$
2,401
 
 
$
7,671
 
 
$
3,692
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding, including participating stock awards - Basic
 
 
27,082,825
 
18,964,150
 
 
 
27,082,825
 
 
 
18,325,434
 
 
 
 
 
 
 
 
 
 
 
 
Dilutive potential common shares:
 
 
 
 
 
 
 
 
 
 
Stock options
 
 
---
 
---
 
 
 
---
 
 
 
---
 
Conversion of preferred stock
 
 
---
 
---
 
 
 
---
 
 
 
---
 
Stock warrants
 
 
---
 
---
 
 
 
---
 
 
 
---
 
Weighted average shares outstanding - Diluted
 
 
27,082,825
 
18,964,150
 
 
 
27,082,825
 
 
 
18,325,434
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per common share
 
$
0.12
$
0.13
 
 
$
0.28
 
 
$
0.20
Diluted earnings per common share
 
$
0.12
$
0.13
 
 
$
0.28
 
 
$
0.20
 
Stock options for 556,191 shares of common stock for both the three and six month periods ended June 30, 2012 were excluded from dilutive potential common shares because they were antidilutive.  Stock options for 705,390 and 710,522 shares of common stock for the three and six month periods ended June 30, 2011, respectively, were excluded from dilutive potential common shares because they were antidilutive. Common shares associated with convertible preferred stock and stock warrants were excluded from dilutive potential common shares in each period as they were antidilutive.