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

 
Three Months Ended
 
March 31,
 
2009
2008
Basic:
   
  Average shares outstanding
13,380,969
                     13,381,500
  Net income available to common
     shareholders
 
$17,434,540
 
$(15,153,280)
  Per share amount
$1.30
$(1.13)
Diluted:
   
  Average shares outstanding
13,380,969
                     13,381,500
  Net effect of dilutive stock options -
     based on the treasury stock method
     using average market price
 
 
  139,855
 
 
NA
  Diluted shares
13,520,824
13,381,500
  Net income available to common
     shareholders
 
$17,434,540
 
$(15,153,280)
  Per share amount
$1.29
$(1.13)

Note:  Antidilutive stock options totaling 601,932 shares were not included in the calculation of diluted earnings per share for the three months ended March 31, 2009. 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 three months ended March 31, 2008.