v2.4.0.6
EARNINGS PER SHARE
12 Months Ended
Dec. 31, 2011
EARNINGS PER SHARE

NOTE 15 - EARNINGS PER SHARE

 

The factors used in the earnings per share computation follow:

 

    2011     2010     2009  
Basic                        
Net income available to common shareholders   $ 15,517     $ 9,425     $ 6,968  
                         
Weighted average common shares outstanding     7,432,693       5,858,619       5,615,458  
                         
Basic earnings per common share   $ 2.09     $ 1.61     $ 1.24  
                         
Diluted                        
Net income available to common shareholders   $ 15,517     $ 9,425     $ 6,968  
                         
Weighted average common shares outstanding for basic earnings per common share     7,432,693       5,858,619       5,615,458  
Add:  Dilutive effects of assumed exercises of stock options     4,741       -       5,541  
Add: Dilutive effects of assumed exercise of stock warrant     40,768       -       37,157  
                         
Average shares and dilutive potential common shares     7,478,202       5,858,619       5,658,156  
                         
Diluted earnings per common share   $ 2.07     $ 1.61     $ 1.23  

 

Stock options for 378,950, 523,730, and 564,685 shares of common stock were not considered in computing diluted earnings per common share for 2011, 2010 and 2009 because they were anti-dilutive. Also, a warrant to purchase 274,784 shares of common stock were considered in computing diluted earnings per common share for 2011, but not in 2010 because they were anti-dilutive.