EX-11.1 5 doc4.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 SEPTEMBER 30, 2004 Three Months Nine Months ------------------------------------------------------------------ ---------- ---------- Actual net income (A) $ 3,147,789 $ 8,825,729 ========== ========== Assumed exercise of stock options and warrants 64,152 62,628 Application of assumed proceeds ($698,997 and $659,966) toward repurchase of outstanding common stock at an average market price of $18.340 and $18.066, respectively. (38,113) (36,531) ---------- ---------- Net additional shares issuable 26,039 26,097 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 11,298,055 11,296,411 Net additional shares issuable 26,039 26,097 ---------- ---------- Adjusted shares outstanding (B) 11,324,094 11,322,508 ========== ========== Net income per common share (A) divided by (B) $ 0.28 $ 0.78 ========== ========== DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED SEPTEMBER 30, 2003 Three Months Nine Months ------------------------------------------------------------------ ---------- ---------- Actual net income (A) $ 2,964,507 $ 9,828,644 ========== ========== Assumed exercise of stock options and warrants 63,059 377,254 Application of assumed proceeds ($671,180 and $7,918,746) toward repurchase of outstanding common stock at an average market price of $22.678 and $23.522, respectively. (29,596) (336,653) ---------- ---------- Net additional shares issuable 33,463 40,601 ========== ========== Adjustment of shares outstanding: Weighted average common shares outstanding 11,293,147 11,289,927 Net additional shares issuable 33,463 40,601 ---------- ---------- Adjusted shares outstanding (B) 11,326,610 11,330,528 ========== ========== Net income per common share (A) divided by (B) $ 0.26 $ 0.87 ========== ==========