FIRST UNITED CORP/MD/ - 10-Q filing on 2012-08-13

Earnings/(loss) Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings/(loss) Per Common Share [Abstract]

Note 2 – (Loss)/Earnings Per Common Share

Basic earnings/(loss) per common share is derived by dividing net income available to/(loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings/(loss) per share is derived by dividing net income available to/(loss) attributable to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents. There were no common stock equivalents during the three- and six-months ended June 30, 2012 and June 30, 2011. There is no dilutive effect on the earnings per share during loss periods.

The following table sets forth the calculation of basic and diluted earnings/(loss) per common share for the six- and three-month periods ended June 30, 2012 and 2011:


	For the six months ended June 30,
	2012			2011
(in thousands, except for per share amount)	Loss	Average Shares	Per Share Amount	Income		Average Shares	Per Share Amount
Basic and Diluted (Loss)/Earnings Per Share:
Net (loss)/income	$ (1,016)			$ 2,090
Preferred stock dividends deferred	(814)			(764)
Discount accretion on preferred stock	(32)			(30)
Net (loss) attributable to/income available to common shareholders	$ (1,862)	6,188	$ (.30)	$ 1,296	6,172			$ .21
	For the three months ended June 30,
	2012			2011
(in thousands, except for per share amount)	Income	Average Shares	Per Share Amount	Income		Average Shares	Per Share Amount
Basic and Diluted Earnings Per Share:
Net income	$ 1,649			$ 1,133
Preferred stock dividends deferred	(415)			(385)
Discount accretion on preferred stock	(16)			(15)
Net income available to common shareholders	$ 1,218	6,194	$ .20	$ 733	6,177			$ .12