Per Share Earnings Comp

Exhibit 11 

EARNINGS PER SHARE 

Net income for the year ended December 31, 2003 

$ 

17,719,000 

Weighted average common shares outstanding 

14,984,472

Assumed incremental common shares issued upon exercise of stock options 

273,969 

Weighted average common shares for diluted earnings per share 

15,258,441 

Earnings per common share – basic 

$ 

1.18 

Earnings per common share – diluted 

$ 

1.16

EARNINGS PER SHARE

Net income for the year ended December 31, 2003	$	17,719,000

Weighted average common shares outstanding		14,984,472
Assumed incremental common shares issued upon exercise of stock options		273,969

Weighted average common shares for diluted earnings per share		15,258,441

Earnings per common share – basic	$	1.18

Earnings per common share – diluted	$	1.16