Annual report pursuant to Section 13 and 15(d)

Earnings per Share of Common Stock

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Earnings per Share of Common Stock
12 Months Ended
Dec. 31, 2011
Earnings per Share of Common Stock [Abstract]  
Earnings per Share of Common Stock

3. Earnings per Share of Common Stock

The following tables set forth the computation of basic and diluted earnings per share of common stock for the years ended December 31, 2011, 2010 and 2009. The Company computed basic earnings per share for the years ended December 31, 2011, 2010 and 2009 using the weighted average number of shares outstanding during the periods. Diluted earnings per share for the years ended December 31, 2011, 2010 and 2009, reflects additional shares of common stock, related to our convertible senior common stock, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance.

                         
    For the year ended December 31,  
    2011     2010     2009  

Calculation of basic earnings per share of common stock:

                       
       

Net income available to common stockholders

  $ 1,558     $ 814     $ 509  
       

Denominator for basic weighted average shares of common stock (in thousands)

    10,237       8,576       8,563  
   

 

 

   

 

 

   

 

 

 

Basic earnings per share of common stock

  $ 0.15     $ 0.09     $ 0.06  
   

 

 

   

 

 

   

 

 

 

Calculation of diluted earnings per share of comon stock:

                       
       

Net income available to common stockholders

  $ 1,558     $ 814     $ 509  

Add: Income impact of assumed conversion of senior common stock

    62       20       —    
   

 

 

   

 

 

   

 

 

 

Net income available to common stockholders plus assumed conversions

  $ 1,620     $ 834     $ 509  
       

Denominator for basic weighted average shares of common stock (in thousands)

    10,237       8,576       8,563  

Effect of convertible senior common stock

    52       25       —    
   

 

 

   

 

 

   

 

 

 

Denominator for diluted weighted average shares of common stock (in thousands)

    10,289       8,601       8,563  
   

 

 

   

 

 

   

 

 

 

Diluted earnings per share of common stock

  $ 0.15     $ 0.09     $ 0.06