EX-11 3 doc2.txt EXHIBIT (11)----STATEMENT RE: COMPUTATION OF DILUTED EARNINGS PER SHARE Diluted earnings per share computations assume 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 for which the exercise price is less than the average share price during the period. 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 JUNE 30, 2001 Three Months Six Months ------------------------------------------------------------- ---------- ---------- Actual net income (A) $ 2,885,179 $ 5,524,035 ========== ========== Assumed exercise of stock options and warrants 139,298 138,095 Application of assumed proceeds ($853,089 and $816,431) toward repurchase of outstanding common stock at an average market price of $8.759 and $8.619, respectively. (97,396) (94,725) ---------- ---------- Net additional shares issuable 41,902 43,370 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 8,484,354 8,483,166 Net additional shares issuable 41,902 43,370 ---------- ---------- Adjusted shares outstanding (B) 8,526,256 8,526,536 ========== ========== Net income per common share (A) divided by (B) $ 0.34 $ 0.65 ========== ========== DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED JUNE 30, 2000 Three Months Six Months ------------------------------------------------------------- ---------- ---------- Actual net income (A) $ 2,820,325 $ 4,948,073 ========== ========== Assumed exercise of stock options and warrants 222,977 221,411 Application of assumed proceeds ($1,469,118 and $1,448,945) toward repurchase of outstanding common stock at an average market price of $9.646 and $9.740, respectively. (152,303) (148,762) ---------- ---------- Net additional shares issuable 70,674 72,649 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 8,443,980 8,442,139 Net additional shares issuable 70,674 72,649 ---------- ---------- Adjusted shares outstanding (B) 8,514,654 8,514,788 ========== ========== Net income per common share (A) divided by (B) $ 0.33 $ 0.58 ========== ==========