EX-11 4 e20571ex11.txt STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Exhibit 11. Statement re computation of per share earnings The reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the years ended December 31 are as follows: (in thousands, except per share data)
Years Ended December 31, 2004 December 31, 2003 December 31, 2002 -------------------------- -------------------------- -------------------------- Weighted Per Weighted Per Weighted Per Net Average Share Net Average Share Net Average Share Income Shares Amount Income Shares Amount Income Shares Amount ------ -------- ------ ------ -------- ------ ------ -------- ------ Basic Earnings per Common Share Net income available to common shareholders $18,214 19,124 $0.95 $16,366 17,724 $0.92 $12,877 14,714 $0.88 ===== ===== ===== Effect of Dilutive Shares Weighted average shares if converted 352 263 186 ------ ------ ------ Diluted Earnings per Common Share Net income available to common shareholders $18,214 19,476 $0.94 $16,366 17,987 $0.91 $12,877 14,900 $0.86 ======= ====== ===== ======= ====== ===== ======= ====== =====
All per share data and average shares were restated to reflect a 3-for-2 stock split declared on May 23, 2002 and January 18, 2005 and paid on July 12, 2002 and February 18, 2005, respectively. At December 31, 2004 257,100 stock options were excluded from the calculation of earnings per common share as they were antidilutive. There were no shares that were antidilutive at December 31, 2003 and 2002.