| 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.
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Three Months Ended September
30,
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Nine Months Ended
September
30,
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2011
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2010
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2011
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2010
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(In
Thousands, Except Shares and Per Share Data)
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Earnings
Per Common Share
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Weighted
average common shares outstanding
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5,886,178 |
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5,515,384 |
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5,709,334 |
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5,513,482 |
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Net
income available to common stockholders
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$ |
6,035 |
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$ |
4,799 |
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$ |
16,751 |
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$ |
12,833 |
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Basic
earnings per common share
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$ |
1.03 |
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$ |
0.87 |
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$ |
2.93 |
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$ |
2.33 |
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Weighted
average common shares outstanding
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5,886,178
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5,515,384
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5,709,334
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5,513,482
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Dilutive
effects of assumed conversions and
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exercise
of stock options and warrants
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996,631 |
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902,563 |
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962,579 |
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735,377 |
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Weighted
average common and dilutive potential
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common
shares outstanding
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6,882,809 |
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6,417,947 |
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6,671,913 |
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6,248,859 |
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Net
income, available to common stockholders
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$
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6,035
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$
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4,799
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$
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16,751
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$
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12,833
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Effect
of interest expense on covertible debt, net of tax and
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discretionary
expenditures related to conversion
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150 |
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150 |
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444 |
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|
323 |
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Net
income, adjusted for effect of debt conversion
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$ |
6,185 |
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$ |
4,949 |
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$ |
17,195 |
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$ |
13,156 |
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Diluted
earnings per common share
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$ |
0.90 |
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$ |
0.77 |
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$ |
2.58 |
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$ |
2.11 |
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