EX-11 4 ex11.htm ex11.htm
 
Exhibit 11
Statement re Computation of per Share Earnings
 
The composition of basic and diluted earnings per share was as follows for:
        
                   
   
Year Ended December 31,
  
   
2008
    
2007
    
2006
  
Net income available to common stockholders
  $ 22,675     $ 8,408     $ 2,717  
                         
Weighted average number of common shares outstanding
    27,029,210       26,700,000       26,700,000  
Effect of warrants
    487,180       5,586,996       5,118,772  
Effect of stock options
    34,051       -       -  
Weighted average diluted number of common shares outstanding
    27,550,441       32,286,996       31,818,772  
                         
Basic earnings per share
   $ 0.84     $ 0.31     $ 0.10  
Diluted earnings per share
   $ 0.82     $ 0.26     $ 0.09