EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
 Three Months Ended
    
    
    Nine Months EndedDecember 31,
    
    
    December 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Earnings per common share  basic(1)Net income
    
    $
    788
    
    
    $
    (7,184
    )
    
    $
    2,301
    
    
    $
    (5,877
    )Less: CPP Preferred Dividends
    
    
    237
    
    
    
    
    
    
    
    712
    
    
    
    Dividends paid and undistributed earnings
allocated to participating securities
    
    
    4
    
    
    
    
    
    
    
    8
    
    
    
    Net Income Available to Common Shareholders
    
    $
    547
    
    
    $
    (7,184
    )
    
    $
    1,581
    
    
    $
    (5,877
    )Weighted average common shares
outstanding
    
    
    2,474,719
    
    
    
    2,470,082
    
    
    
    2,473,164
    
    
    
    2,472,305Earnings per common share
    
    $
    0.22
    
    
    $
    (2.91
    )
    
    $
    0.64
    
    
    $
    (2.37
    )Earnings per common share  dilutedNet income
    
    $
    788
    
    
    $
    (7,184
    )
    
    $
    2,301
    
    
    $
    (5,877
    )Less: CPP Preferred Dividends
    
    
    237
    
    
    
    
    
    
    
    712
    
    
    
    Dividends paid and undistributed earnings
allocated to participating securities
    
    
    4
    
    
    
    
    
    
    
    8
    
    
    
    Net Income Available to Common Shareholders
    
    $
    547
    
    
    $
    (7,184
    )
    
    $
    1,581
    
    
    $
    (5,877
    )Weighted average common shares
outstanding  basic
    
    
    2,474,719
    
    
    
    2,470,082
    
    
    
    2,473,164
    
    
    
    2,472,305Effect of dilutive securities  stock options and
unvested restricted stock (2)
    
    
    18,223
    
    
    
    
    
    
    
    18,223
    
    
    
    Weighted average shares
outstanding  diluted
    
    
    2,492,942
    
    
    
    2,470,082
    
    
    
    2,491,387
    
    
    
    2,472,305Earnings per common share
    
    $
    0.22
    
    
    $
    (2.91
    )
    
    $
    0.64
    
    
    $
    (2.38
    )
 (1)
    
    In June 2008, the FASB issued a new accounting guidance which clarifies that unvested
stock-based compensation awards containing non-forfeitable rights to dividends are considered
participating securities and therefore are included in the two-class method for calculating
earnings per share. Under the two-class method, all earnings (distributed and undistributed) are
allocated to common shares and participating securities based on their respective rights to receive
dividends. The Company grants restricted stock to certain employees under its stock-based
compensation plan. Recipients receive cash dividends during the vesting periods of these awards
)i.e., including on the unvested portion of such awards). Since these dividends are
non-forfeitable, the unvested awards are considered participating securities and will have earnings
allocated to them.(2)
    
    As of December 31, 2009, there were no potentially dilutive shares except for 18,233
unvested restricted shares which are also participating securities.