Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) Per Common Share

 v2.3.0.11
Earnings (Loss) Per Common Share
 6 Months Ended
Jun. 30, 2011
Earnings (Loss) Per Common Share [Abstract]  
Earnings (Loss) Per Common Share
NOTE 8 - EARNINGS (LOSS) PER COMMON SHARE

A reconciliation of the numerators and denominators of basic and diluted earnings (loss) per common share for the three month periods ended June 30, 2011 and 2010 are as follows (dollars in thousands, except per share data):
 
   
Three Months
Ended
June 30, 2011
    
Three Months
Ended
June 30, 2010
    
Six Months
Ended
June 30, 2011
    
Six Months
Ended
June 30, 2010
  
                         
Net income (loss)
   $ 2,401     $ 1,748     $ 3,692     $ (19,392 )
Dividends declared on preferred shares
     ---       ---       ---       ---  
Net income (loss) available to common shares
   $ 2,401     $ 1,748     $ 3,692     $ (19,392 )
                                 
Weighted average shares outstanding, including participating stock awards - Basic
     18,964,150       17,692,231       18,325,434       17,694,269  
                                 
Dilutive potential common shares:
                                
Stock options
     ---       ---       ---       ---  
Conversion of preferred stock
     ---       ---       ---       ---  
Stock warrants
     ---       ---       ---       ---  
Weighted average shares outstanding - Diluted
     18,964,150       17,692,231       18,325,434       17,694,269  
                                 
Basic earnings (loss) per common share
   $ 0.13     $ 0.10     $ 0.20     $ (1.10 )
Diluted earnings (loss) per common share (1)
   $ 0.13     $ 0.10     $ 0.20     $ (1.10 )

(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 common share calculation.

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 not considered in computing diluted earnings per share because they were antidilutive.  Stock options for 886,656 and 914,872 shares of common stock for both the three and six month periods ended June 30, 2010, respectively, were not considered in computing diluted earnings per common share because they were antidilutive.  Potential common shares associated with convertible preferred stock and stock warrants were excluded from dilutive potential common shares as they were antidilutive.