Macatawa Bank Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2012

EARNINGS PER COMMON SHARE [Abstract]

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 nine month periods ended September 30, 2012 and 2011 are as follows (dollars in thousands, except per share data):

	Three Months Ended September 30, 2012		Three Months Ended September 30, 2011		Nine Months Ended September 30, 2012		Nine Months Ended September 30, 2011

Net income	$	6,585	$	1,052	$	14,256	$	4,743
Dividends declared on preferred shares		---		---		---		---
Net income available to common shares	$	6,585	$	1,052	$	14,256	$	4,743

Weighted average shares outstanding, including participating stock awards - Basic		27,082,825		27,082,823		27,082,823		21,276,467

Dilutive potential common shares:
Stock options		---		---		---		---
Conversion of preferred stock		---		---		---		---
Stock warrants		---		---		---		---
Weighted average shares outstanding - Diluted		27,082,825		27,082,823		27,082,823		21,276,467

Basic earnings per common share	$	0.24	$	0.04	$	0.53	$	0.22
Diluted earnings per common share	$	0.24	$	0.04	$	0.53	$	0.22

Stock options for 534,444 shares of common stock for both the three and nine month periods ended September 30, 2012 were excluded from dilutive potential common shares because they were antidilutive. Stock options for 692,919 and 704,590 shares of common stock for the three and nine month periods ended September 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.

- Definition

The entire disclosure for earnings per share.

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