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Exhibit 11.1
Computation of Earnings Per Share
| | Three Months Ended March 31 | |||||||
|---|---|---|---|---|---|---|---|---|
| | 2001 | 2000 | ||||||
| | (in thousands, except per share data) | |||||||
| Basic | ||||||||
| Earnings: | ||||||||
| Income from continuing operations | $ | 2,499 | $ | 1,541 | ||||
| Discontinued operations | $ | (179 | ) | $ | 141 | |||
| Net earnings | $ | 2,320 | $ | 1,682 | ||||
| Shares: | ||||||||
| Average common shares outstanding | 8,709 | 7,402 | ||||||
| Basic earnings per common share: | ||||||||
| Income from continuing operations | $ | 0.29 | $ | 0.21 | ||||
| Discontinued operations | $ | (0.02 | ) | $ | 0.02 | |||
| Net earnings | $ | 0.27 | $ | 0.23 | ||||
| Assuming Full Dilution | ||||||||
| Earnings: | ||||||||
| Income from continuing operations | $ | 2,499 | $ | 1,541 | ||||
| Discontinued operations | $ | (179 | ) | $ | 141 | |||
| Net earnings | $ | 2,320 | $ | 1,682 | ||||
| Shares: | ||||||||
| Diluted average common shares outstanding | 8,883 | 7,484 | ||||||
| Earnings per common share assuming full dilution: | ||||||||
| Income from continuing operations | $ | 0.28 | $ | 0.20 | ||||
| Discontinued operations | $ | (0.02 | ) | $ | 0.02 | |||
| Net earnings | $ | 0.26 | $ | 0.22 | ||||
Supplemental information:
Difference between average common shares outstanding to calculate basic and assuming full dilution is due to options outstanding under the 1996 Stock Options/Stock Issuance Plan and warrants issued in conjunction with the initial public offering
31
Computation of Earnings Per Share