EX-11 2 g91854exv11.htm EX-11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS EX-11 STATEMENT RE COMPUTATION OF PER SHARE EARNIN
 

Exhibit 11

Cotton States Life Insurance Company
Statement re: Computation of Per Share Earnings
(Amounts in thousands, except per share data)

The following computations set forth the calculations of basic and diluted net income per common share and common share equivalents for the three-month period ended September 30, 2004 and 2003.

                 
    Basic   Diluted
    Income   Income
    Per Share
   Per Share
For the three months ended September 30, 2004 Net income
   $ 1,242       1,242  
 
    
 		      
 		  
Weighted average number of common shares outstanding
     6,323       6,323  
Common share equivalents resulting from: dilutive stock options
     —       92  
restricted stock
     —       233  
 
    
 		      
 		  
Adjusted weighted average number of common and common equivalent shares outstanding
     6,323       6,648  
 
    
 		      
 		  
Net income per common share
   $ 0.20       0.19  
 
    
 		      
 		  
For the three months ended September 30, 2003 Net income
   $ 1,885       1,885  
 
    
 		      
 		  
Weighted average number of common shares outstanding
     6,324       6,324  
Common share equivalents resulting from: dilutive stock options
     —       61  
restricted stock
     —       233  
 
    
 		      
 		  
Adjusted weighted average number of common and common equivalent shares outstanding
     6,324       6,618  
 
    
 		      
 		  
Net income per common share
   $ 0.30       0.29  
 
    
 		      
 		  

 

 

Exhibit 11

Cotton States Life Insurance Company
Statement re Computation of Per Share Earnings
(Amounts in thousands, except per share data)

The following computations set forth the calculations of basic and diluted net income per common share and common share equivalents for the nine month period ended September 30, 2004 and 2003.

                 
    Basic   Diluted
    Income   Income
    Per Share
   Per Share
For the nine months ended September 30, 2004 Net income
   $ 3,537       3,537  
 
    
 		      
 		  
Weighted average number of common shares outstanding
     6,323       6,323  
Common share equivalents resulting from: dilutive stock options
     —       92  
restricted stock
     —       233  
 
    
 		      
 		  
Adjusted weighted average number of common and common equivalent shares outstanding
     6,323       6,648  
 
    
 		      
 		  
Net income per common share
   $ 0.56       0.53  
 
    
 		      
 		  
For the nine months ended September 30, 2003 Net income
   $ 5,017       5,017  
 
    
 		      
 		  
Weighted average number of common shares outstanding
     6,324       6,324  
Common share equivalents resulting from: dilutive stock options
     —       60  
restricted stock
     —       233  
 
    
 		      
 		  
Adjusted weighted average number of common and common equivalent shares outstanding
     6,324       6,617  
 
    
 		      
 		  
Net income per common share
   $ 0.79       0.76