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

 
Three Months Ended
 
September 30,
 
2009
2008
Basic:
   
  Average shares outstanding
13,391,150
13,380,969
  Net income available to common shareholders
$26,714,701
$   824,489
  Per share amount
$1.99
$0.06
Diluted:
   
  Average shares outstanding
13,391,150
13,380,969
  Net effect of dilutive stock options and warrants -
     based on the treasury stock method
     using average market price
  578,071
  5,850
  Diluted shares
13,969,221
13,386,819
  Net income available to common shareholders
$26,714,701
$   824,489
  Per share amount
$1.91
$0.06

Note:  Antidilutive stock options totaling 368,325 shares were not included in the calculation of diluted earnings per share for the three months ended September 30, 2009. Antidilutive stock options totaling 618,945 shares were not included in the calculation of diluted earnings per share for the three months ended September 30, 2008.

 
Nine Months Ended
 
September 30,
 
2009
2008
Basic:
   
  Average shares outstanding
13,388,521
13,381,089
  Net income available to common shareholders
$47,443,709
$(7,996,680)
  Per share amount
$3.54
$(0.60)
Diluted:
   
  Average shares outstanding
13,388,521
13,381,089
  Net effect of dilutive stock options and warrants -
     based on the treasury stock method
     using average market price
447,486
NA
  Diluted shares
13,836,007
13,381,089
  Net income available to common shareholders
$47,443,709
$(7,996,680)
  Per share amount
$3.43
$(0.60)

Note:  Antidilutive stock options totaling 551,115 shares were not included in the calculation of diluted earnings per share for the nine months ended September 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 nine months ended September 30, 2008.