EX-11.1 2 0002.txt EARNINGS PER SHARE COMPUTATION EXHIBIT (11)----STATEMENT RE: COMPUTATION OF DILUTED EARNINGS PER SHARE Diluted earnings per share computations assumes the exercise of stock purchase warrants and options to purchase shares of common stock. The shares assumed exercised are based on the weighted average number of warrants and options outstanding during the period and only include those warrants and options whose average share price during the period exceeds its related exercise price. The net additional shares issuable are calculated based on the treasury stock method and are added to the weighted average number of shares outstanding during the period.
DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED SEPTEMBER 30, 2000 Three Months Nine Months ------------------------------------------------------------------ ---------- ---------- Actual net income (A) $ 1,343,638 $ 6,291,711 ========== ========== Assumed exercise of stock options and warrants 201,648 214,834 Application of assumed proceeds ($1,334,703 and $1,410,923) toward repurchase of outstanding common stock at an average market price of $9.420 and $9.633, respectively. (141,688) (146,468) ---------- ---------- Net additional shares issuable 59,960 68,366 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 8,465,309 8,449,861 Net additional shares issuable 59,960 68,366 ---------- ---------- Adjusted shares outstanding (B) 8,525,269 8,518,227 ========== ========== Net income per common share (A) divided by (B) $ 0.16 $ 0.74 ========== ========== DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED SEPTEMBER 30, 1999 Three Months Nine Months ------------------------------------------------------------------ ---------- ---------- Actual net income (A) $ 2,794,004 $ 8,895,343 ========== ========== Assumed exercise of stock options and warrants 284,915 280,796 Application of assumed proceeds ($1,983,908 and $1,715,964) toward repurchase of outstanding common stock at an average market price of $11.125 and $9.347, respectively. (178,329) (183,584) ---------- ---------- Net additional shares issuable 106,586 97,212 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 8,420,603 8,380,541 Net additional shares issuable 106,586 97,212 ---------- ---------- Adjusted shares outstanding (B) 8,527,189 8,477,753 ========== ========== Net income per common share (A) divided by (B) $ 0.33 $ 1.05 ========== ==========