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

 
Three Months Ended
 
June 30,
 
2009
2008
Basic:
   
  Average shares outstanding
13,383,359
13,380,920
  Net income available to common shareholders
$ 2,641,273
$ 6,332,111
  Per share amount
$0.20
$0.47
Diluted:
   
  Average shares outstanding
13,383,359
13,380,920
  Net effect of dilutive stock options and warrants -
     based on the treasury stock method
     using average market price
497,462
9,720
  Diluted shares
13,880,821
13,390,640
  Net income available to common shareholders
$ 2,641,273
$ 6,332,111
  Per share amount
$0.19
$0.47

Note:  Antidilutive stock options totaling 512,925 shares were not included in the calculation of diluted earnings per share for the three months ended June 30, 2009. 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.


 
Six Months Ended
 
June 30,
 
2009
2008
Basic:
   
  Average shares outstanding
13,383,965
13,381,089
  Net income available to common shareholders
$20,729,008
$(8,821,169)
  Per share amount
$1.55
$(0.66)
Diluted:
   
  Average shares outstanding
13,383,965
13,381,089
  Net effect of dilutive stock options and warrants -
     based on the treasury stock method
     using average market price
363,674
NA
  Diluted shares
13,747,639
13,381,089
  Net income available to common shareholders
$20,729,008
$(8,821,169)
  Per share amount
$1.51
$(0.66)

Note:  Antidilutive stock options totaling 557,790 shares were not included in the calculation of diluted earnings per share for the six months ended June 30, 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 six months ended June 30, 2008.