Exhibit 11
Statement Regarding Computation of Earnings Per Share
Earnings Per Share
Earnings per Share are calculated as follows:
(in thousands, except shares and per share amounts)
| For the years ended December 31, | ||||||||
| 2012 | 2011 | |||||||
| Numerator for both basic and diluted earnings per share: | ||||||||
| Net Income | $ | 4,168 | $ | 2,702 | ||||
| Less: Dividends on preferred stock | 136 | 44 | ||||||
| Denominator: | ||||||||
| Total average shares outstanding | 2,194,325 | 2,147,890 | ||||||
| Effect of dilutive stock options | 2,254,617 | 2,194,410 | ||||||
| Total diluted average shares outstanding | ||||||||
| Earnings Per Share - Basic | $ | 1.84 | $ | 1.24 | ||||
| Earnings Per Share - Diluted | $ | 1.79 | $ | 1.21 | ||||
| 75 |
