| EARNINGS PER COMMON SHARE |
NOTE 3 - EARNINGS PER COMMON SHARE
Basic
earnings per common share are computed by dividing net income by
the weighted average number of common shares outstanding during the
period. Diluted earnings per common share include the
dilutive effect of additional potential common shares issuable
under stock options and warrants, as well as the potential common
stock issuable upon possible conversion of the preferred securities
described in Note 11 to the consolidated financial
statements.
| |
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
| |
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
| |
|
(In Thousands, Except Shares and Per Share Data)
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding
|
|
|
5,708,871 |
|
|
|
5,513,482 |
|
|
|
5,694,871 |
|
|
|
5,513,482 |
|
|
Net
income
|
|
$ |
5,845 |
|
|
$ |
4,021 |
|
|
$ |
10,716 |
|
|
$ |
8,034 |
|
|
Basic
earnings per share
|
|
$ |
1.02 |
|
|
$ |
0.73 |
|
|
$ |
1.88 |
|
|
$ |
1.46 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding
|
|
|
5,708,871
|
|
|
|
5,513,482
|
|
|
|
5,694,871
|
|
|
|
5,513,482
|
|
|
Dilutive
effects of assumed conversions and exercise of stock options and
warrants
|
|
|
997,082 |
|
|
|
886,447 |
|
|
|
962,488 |
|
|
|
646,359 |
|
|
Weighted
average common and dilutive potential common shares
outstanding
|
|
|
6,705,953 |
|
|
|
6,399,929 |
|
|
|
6,657,359 |
|
|
|
6,159,841 |
|
|
Net
income, adjusted for effect of debt conversion
|
|
$
|
5,845
|
|
|
$
|
4,021
|
|
|
$
|
10,716
|
|
|
$
|
8,034
|
|
|
Effect
of interest expense on covertible debt, net of tax and
discretionary expenditures related to conversion
|
|
|
148 |
|
|
|
148 |
|
|
|
294 |
|
|
|
172 |
|
|
|
|
$ |
5,993 |
|
|
$ |
4,169 |
|
|
$ |
11,010 |
|
|
$ |
8,206 |
|
|
Diluted
earnings per share
|
|
$ |
0.89 |
|
|
$ |
0.65 |
|
|
$ |
1.65 |
|
|
$ |
1.33 |
|