EX-11 2 ex11.htm ex11.htm
Exhibit 11- Statement Re Computation of Earnings Per Share

 
Three Months Ended
 
June 30,
 
2008
2007
Basic:
   
  Average shares outstanding
13,380,920
13,619,287
  Net income
$ 6,332,111
$ 8,206,566
  Per share amount
$0.47
$0.60
Diluted:
   
  Average shares outstanding
13,380,920
13,619,287
  Net effect of dilutive stock options -
     based on the treasury stock method
     using average market price
 
 
  9,720
 
 
106,525
  Diluted shares
13,390,640
13,725,812
  Net income
$ 6,332,111
$ 8,206,566
  Per share amount
$0.47
$0.60

Note:  Antidilutive stock options totaling 627,124 shares were not included in the calculation of diluted earnings per share for the three months ended June 30, 2008.  Antidilutive stock options totaling 306,619 shares were not included in the calculation of diluted earnings per share for the three months ended June 30, 2007.


 
Six Months Ended
 
June 30,
 
2008
2007
Basic:
   
  Average shares outstanding
13,381,089
13,615,187
  Net income
$(8,821,169)
$15,542,039
  Per share amount
$(0.66)
$1.14
Diluted:
   
  Average shares outstanding
13,381,089
13,615,187
  Net effect of dilutive stock options -
     based on the treasury stock method
     using average market price
 
 
NA
 
 
111,570
  Diluted shares
13,381,089
13,726,757
  Net income
$(8,821,169)
$15,542,039
  Per share amount
$(0.66)
$1.13

Note:  Because of the Company's loss from continuing operations, no potential common shares were included in the calculation of diluted earnings per share for the six months ended June 30, 2008.  Antidilutive stock options totaling 305,869 shares were not included in the calculation of diluted earnings per share for the six months ended June 30, 2007.