EX-11.1 2 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 MARCH 31, 2004 Three Months -------------------------------------------------------------- ------------ Actual net income (A) $ 2,030,817 ========== Assumed exercise of stock options and warrants 57,715 Application of assumed proceeds ($564,617) toward repurchase of outstanding common stock at an average market price of $17.987 (31,390) ---------- Net additional shares issuable 26,325 ========== Adjustment of shares outstanding: Weighted average common shares outstanding 11,294,954 Net additional shares issuable 26,325 ---------- Adjusted shares outstanding (B) 11,321,279 ========== Net income per common share (A) divided by (B) $ 0.18 ========== DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED MARCH 31, 2003 Three Months -------------------------------------------------------------- ------------ Actual net income (A) $ 2,817,568 ========== Assumed exercise of stock options and warrants 369,455 Application of assumed proceeds ($7,702,095) toward repurchase of outstanding common stock at an average market price of $24.240 (317,743) ---------- Net additional shares issuable 51,712 ========== Adjustment of shares outstanding: Weighted average common shares outstanding 11,286,751 Net additional shares issuable 51,712 ---------- Adjusted shares outstanding (B) 11,338,463 ========== Net income per common share (A) divided by (B) $ 0.25 ==========