Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER COMMON SHARE

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EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2013
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 month periods ended March 31, 2013 and 2012 are as follows (dollars in thousands, except per share data):
 
 
 
Three Months
Ended
March 31,
2013
 
 
Three Months
Ended
March 31,
2012
 
 
 
 
 
 
 
 
Net income
 
$
2,473
 
 
$
4,485
  
Dividends declared on preferred shares
 
 
-
 
 
 
-
 
Net income available to common shares
 
$
2,473
 
 
$
4,485
  
 
 
 
  
 
 
 
  
 
Weighted average shares outstanding, including participating stock awards - Basic
 
 
27,211,603
 
 
 
27,082,825
 
 
 
 
  
 
 
 
  
 
Dilutive potential common shares:
 
 
  
 
 
 
  
 
Stock options
 
 
-
 
 
 
-
 
Conversion of preferred stock
 
 
-
 
 
 
-
 
Stock warrants
 
 
-
 
 
 
-
 
Weighted average shares outstanding - Diluted
 
 
27,211,603
 
 
 
27,082,825
 
 
 
 
  
 
 
 
  
 
Basic earnings per common share
 
$
0.09
 
 
$
0.17
  
Diluted earnings per common share
 
$
0.09
 
 
$
0.17
  
 
Stock options for 448,165 and 632,404 shares of common stock for the three month periods ended March 31, 2013 and 2012, respectively, were not considered in computing diluted earnings per 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.