• Filing Date: 2012-03-30
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Net Earnings Per Share
12 Months Ended
Dec. 31, 2011
Net Earnings Per Share [Abstract]  
Net Earnings Per Share

Note 10 -- Net Earnings Per Share

A summary of the numerator and denominator of the basic and fully diluted earnings per common share is presented below (dollars and shares in thousands, except per share amounts):

 

                                                             
    

For the Year Ended

  

For the Year Ended

 
    

December 31, 2011

  

December 31, 2010

 
    

Income

(Numerator)

   

Shares

(Denominator)

         

Per-Share

Amount

         

Income

(Numerator)

    

Shares

(Denominator)

         

Per-Share

Amount

 

Net income

     $9,964        --                            $5,422         --                 
                   

Less: Preferred stock dividends

     (815 )      --                                --         --                 

Basic Earnings Per Share

                                                                   

Income available to common stockholders

     9,149        6,132              $1.49              5,422         6,179              $0.88   
                   

Effect of Dilutive Securities

                                                                   

Common stock options

     --        352                            --         495                 

Convertible preferred stock

     815        961                            --         --                 
                   

Diluted Earnings Per Share

                                                                   
Income available to common stockholders and assumed conversions      $9,964        7,445              $1.34              $5,422         6,674              $0.81   

For the years ended December 31, 2011 and 2010, 2,738,335 and 1,738,335 warrants to purchase 1,405,001 and 905,001 shares of common stock, respectively, were excluded from the computation of diluted earnings per share because the exercise price of $9.10 exceeded the average market price of the Company's common stock. There were no preferred shares outstanding in 2010.