EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
 Three Months Ended
    
    
    Six Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Earnings per common share  basic(1)Net income
    
    $
    819
    
    
    $
    621
    
    
    $
    1,513
    
    
    $
    1,307Less: TARP CPP Preferred Dividends
    
    
    237
    
    
    
    
    
    
    
    474
    
    
    
    Dividends paid and undistributed earnings
allocated to participating securities
    
    
    4
    
    
    
    
    
    
    
    6
    
    
    
    Net Income Available to Common Shareholders
    
    $
    578
    
    
    $
    621
    
    
    $
    1,032
    
    
    $
    1,307Weighted average common shares
outstanding
    
    
    2,474,719
    
    
    
    2,468,988
    
    
    
    2,472,383
    
    
    
    2,473,422Earnings per common share
    
    $
    0.23
    
    
    $
    0.25
    
    
    $
    0.42
    
    
    $
    0.53Earnings per common share  dilutedNet income
    
    $
    819
    
    
    $
    621
    
    
    $
    1,513
    
    
    $
    1,307Less: TARP CPP Preferred Dividends
    
    
    237
    
    
    
    
    
    
    
    474
    
    
    
    Dividends paid and undistributed earnings
allocated to participating securities
    
    
    4
    
    
    
    
    
    
    
    6
    
    
    
    Net Income Available to Common Shareholders
    
    $
    578
    
    
    $
    621
    
    
    $
    1,032
    
    
    $
    1,307Weighted average common shares
outstanding  basic
    
    
    2,474,719
    
    
    
    2,468,988
    
    
    
    2,472,383
    
    
    
    2,473,422Effect of dilutive securities  stock options and
unvested restricted stock (2)
    
    
    18,426
    
    
    
    29,571
    
    
    
    18,426
    
    
    
    34,144Weighted average shares
outstanding  diluted
    
    
    2,493,145
    
    
    
    2,498,559
    
    
    
    2,490,809
    
    
    
    2,507,566Earnings per common share
    
    $
    0.23
    
    
    $
    0.25
    
    
    $
    0.41
    
    
    $
    0.52
 (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 September 30, 2009, there were no potentially dilutive shares except for
18,426 unvested restricted
shares which are also participating securities.  39