Attached files
Exhibit 11
Earnings Per Share
Earnings per Share are calculated as follows:
(in thousands, except shares and per share amounts) | ||||||||
For the years ended December 31, |
||||||||
2010 | 2009 | |||||||
Numerator for both basic and diluted earnings per share: |
||||||||
Net Income |
$ | 2,237 | $ | 1,406 | ||||
Denominator: |
||||||||
Total average shares outstanding |
1,598,432 | 1,601,986 | ||||||
Effect of dilutive stock options |
1,625,884 | 1,628,102 | ||||||
Total diluted average shares outstanding |
||||||||
Earnings Per Share - Basic |
$ | 1.40 | $ | 0.88 | ||||
Earnings Per Share - Diluted |
$ | 1.38 | $ | 0.86 |