EX-11.1 3 doc2.txt EXHIBIT (11.1)----STATEMENT RE: COMPUTATION OF DILUTED EARNINGS PER SHARE Diluted earnings per share computations assume the exercise of stock options to purchase shares of common stock. The shares assumed exercised are based on the weighted average number of shares under options outstanding during the period and only include those 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, 2003 Three Months Six Months ------------------------------------------------------------- ---------- ---------- Actual net income (A) $ 4,046,569 $ 6,864,137 ========== ========== Assumed exercise of stock options and warrants 380,396 377,353 Application of assumed proceeds ($7,988,524 and $7,900,471) toward repurchase of outstanding common stock at an average market price of $23.647 and $23.943, respectively. (337,824) (329,970) ---------- ---------- Net additional shares issuable 42,572 47,383 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 11,289,811 11,288,290 Net additional shares issuable 42,572 47,383 ---------- ---------- Adjusted shares outstanding (B) 11,332,383 11,335,673 ========== ========== Net income per common share (A) divided by (B) $ 0.36 $ 0.61 ========== ========== DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED JUNE 30, 2002 Three Months Six Months ------------------------------------------------------------- ---------- ---------- Actual net income (A) $ 5,033,511 $ 8,639,601 ========== ========== Assumed exercise of stock options and warrants 94,934 95,193 Application of assumed proceeds ($990,519 and $965,333) toward repurchase of outstanding common stock at an average market price of $24.930 and $21.915, respectively. (39,732) (44,049) ---------- ---------- Net additional shares issuable 55,202 51,144 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 11,182,537 10,061,271 Net additional shares issuable 55,202 51,144 ---------- ---------- Adjusted shares outstanding (B) 11,237,739 10,112,415 ========== ========== Net income per common share (A) divided by (B) $ 0.45 $ 0.85 ========== ==========