EX-11 2 a5818673ex_11.txt EXHIBIT 11 Exhibit 11 Statement Regarding Computation of Per Share Earnings The following table is the reconciliation of basic and diluted earnings per share for the three months and nine months ended September 30, 2008 and 2007 (dollars in thousands except per share amounts):
Three months ended Three months ended September 30, 2008 September 30, 2007 -------------------------------------------------- Basic Diluted Basic Diluted ------------ ----------- ---------- ------------ Net income .............................................. $ 1,751 $ 1,751 $ 4,249 $ 4,249 ============ =========== =========== ============ Weighted average shares outstanding ..................... 57,672,084 57,672,084 58,541,627 58,541,627 Effect of dilutive securities ........................... - 222,057 - 479,054 ------------ ----------- ------------ ------------ Adjusted weighted average shares outstanding ..... 57,672,084 57,894,141 58,541,627 59,020,681 ============ =========== ============ ============ Earnings per share ...................................... $ 0.03 $ 0.03 $ 0.07 $ 0.07 Nine months ended Nine months ended September 30, 2008 September 30, 2007 -------------------------------------------------- Basic Diluted Basic Diluted ------------ ----------- ---------- ------------ Net income .............................................. $ 8,120 $ 8,120 $ 14,043 $ 14,043 ============ =========== =========== ============ Weighted average shares outstanding ..................... 57,577,738 57,577,738 59,597,169 59,597,169 Effect of dilutive securities ........................... - 249,073 - 574,696 ------------ ----------- ------------ ------------ Adjusted weighted average shares outstanding ..... 57,577,738 57,826,811 59,597,169 60,171,865 ============ =========== ============ ============ Earnings per share ...................................... $ 0.14 $ 0.14 $ 0.24 $ 0.23