Static front page - can display posts but want excerpts

Using this forum I now have a static front page which displays my latest 3 posts. I am using ver 3.4.9

I have tried to alter the code I have to display excerpts instead but have drawn a blank.

The code I use in index.php is:

<?php if ( is_front_page() ) { ?>
<?php $my_query = new WP_Query('showposts=3');
while ($my_query->have_posts()) : $my_query->the_post(); ?>

<?php /* This is the actual Wordpress LOOP.
The output can be edited at Atahualpa Theme Options -> Style & edit the Center column */
bfa_center_content($bfa_ata['content_inside_loop']); ?>

am I missing something obvious??