Annual report pursuant to Section 13 and 15(d)

EARNINGS PER COMMON SHARE

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EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 13 – EARNINGS PER COMMON SHARE

A reconciliation of the numerators and denominators of basic and diluted earnings per common share are as follows (dollars in thousands except per share data):

   
2011
    
2010
  
             
Net income (loss)
   $ 5,829     $ (17,854 )
Dividends declared on preferred shares
     ---       ---  
Net income (loss) available to common shares
   $ 5,829     $ (17,854 )
                 
Weighted average shares outstanding, including participating stock awards  – Basic
     22,739,990       17,686,362  
Dilutive potential common shares:
                
Stock options
     ---       ---  
Conversion of preferred stock
     ---       ---  
Stock warrants
     ---       ---  
Weighted average shares outstanding – Diluted
     22,739,990       17,686,362  
                 
Basic earnings (loss) per common share
   $ .26     $ (1.01 )
Diluted earnings (loss) per common share (1)
     .26       (1.01 )

(1)
For any period in which a loss is recorded, the assumed exercise of stock options would have an anti-dilutive impact on loss per share and thus are ignored in the diluted per share calculation.

Stock options for 634,427 and 722,564 shares of common stock were not considered in computing diluted earnings per common share for 2011 and 2010, respectively, because they were antidilutive.  Potential common shares associated with the convertible preferred stock were excluded from dilutive potential common shares for 2011 and 2010 as they were antidilutive.  Potential common shares associated with stock warrants issued in 2009 were excluded from dilutive potential common shares for 2011 and 2010 as they were antidilutive.