EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF PER EARNINGS SHARE
Basic EPS number of shares | Diluted EPS number of shares | Net Income | Basic EPS | Diluted EPS | ||||||||||||
12 months ended December 31, 2001 | 9,203,224 | 9,203,224 | $ | (2,534,691 | ) | $ | (0.28 | ) | $ | (0.28 | ) | |||||
12 months ended December 31, 2002 | 9,399,374 | 9,611,108 | $ | 5,001,480 | $ | 0.53 | $ | 0.52 | ||||||||
12 months ended December 31, 2003 | 9,566,059 | 9,875,141 | $ | 6,925,219 | $ | 0.72 | $ | 0.70 |
12 months ended December 31, 2001
Basic | Diluted | ||||||
Average Shares Outstanding | 9,203,224 | 9,203,224 | |||||
Options - Plan 1 | 0 | ||||||
Average Option Price | $ | 0.00 | |||||
Total Exercise Cost | 0 | ||||||
Shares Repurchased | 0 | ||||||
Net Shares from Option - Plan 1 | 0 | ||||||
Options - Plan 2 | 158,830 | ||||||
Average Option Price | $ | 2.63 | |||||
Total Exercise Cost | $ | 417,723 | |||||
Shares Repurchased | 32,840 | ||||||
Net Shares from Option - Plan 2 | 0 | ||||||
Options - Plan 3 | 516,145 | ||||||
Average Option Price | $ | 6.68 | |||||
Total Exercise Cost | $ | 3,447,849 | |||||
Shares Repurchased | 271,057 | ||||||
Net Shares from Option - Plan 3 | 0 | ||||||
Options - Plan 4 | 300,045 | ||||||
Average Option Price | $ | 13.54 | |||||
Total Exercise Cost | $ | 4,062,609 | |||||
Shares Repurchased | 319,388 | ||||||
Net Shares from Option - Plan 4 | 0 | ||||||
Options - EFA Non-qualified | 85,500 | ||||||
Average Option Price | $ | 10.19 | |||||
Total Exercise Cost | $ | 871,245 | |||||
Shares Repurchased | 68,494 | ||||||
Net Shares from Option - EFA Non-qualified | 0 | ||||||
Options - CGB Qualified | 70,279 | ||||||
Average Option Price | $ | 10.33 | |||||
Total Exercise Cost | $ | 725,982 | |||||
Shares Repurchased | 57,074 | ||||||
Net Shares from Option - CGB Qualified | 0 | ||||||
Options - CGB Non-Qualified | 72,732 | ||||||
Average Option Price | $ | 10.56 | |||||
Total Exercise Cost | $ | 768,050 | |||||
Shares Repurchased | 60,381 | ||||||
Net Shares from Option - CGB Non-Qualified | 0 | ||||||
Options - Moneta | 175,879 | ||||||
Average Option Price | $ | 12.50 | |||||
Total Exercise Cost | $ | 2,198,488 | |||||
Shares Repurchased | 172,837 | ||||||
Net Shares from Option - Moneta | 0 | ||||||
Stock Appreciation Rights | 100,604 | ||||||
Average SAR Price | $ | 12.55 | |||||
Total Exercise Cost | $ | 1,262,580 | |||||
Shares Repurchased | 99,259 | ||||||
Net Shares from SARS | 0 | ||||||
Gross Shares | 9,203,224 | 9,203,224 | |||||
Price | $ | 12.72 |
12 months ended December 31, 2002
Basic | Diluted | ||||||
Average Shares Outstanding | 9,399,374 | 9,399,374 | |||||
Options - Plan 1 | 0 | ||||||
Average Option Price | $ | 0.00 | |||||
Total Exercise Cost | $ | 0.00 | |||||
Shares Repurchased | 0 | ||||||
Net Shares from Option - Plan 1 | 0 | ||||||
Options - Plan 2 | 57,455 | ||||||
Average Option Price | $ | 3.14 | |||||
Total Exercise Cost | $ | 180,409 | |||||
Shares Repurchased | 16,876 | ||||||
Net Shares from Option - Plan 2 | 40,579 | ||||||
Options - Plan 3 | 452,541 | ||||||
Average Option Price | $ | 6.90 | |||||
Total Exercise Cost | $ | 3,122,533 | |||||
Shares Repurchased | 292,098 | ||||||
Net Shares from Option - Plan 3 | 160,443 | ||||||
Options - Plan 4 | 464,960 | ||||||
Average Option Price | $ | 12.60 | |||||
Total Exercise Cost | $ | 5,858,496 | |||||
Shares Repurchased | 548,035 | ||||||
Net Shares from Option - Plan 4 | 0 | ||||||
Options - Plan 5 | 54,032 | ||||||
Average Option Price | $ | 9.52 | |||||
Total Exercise Cost | $ | 514,385 | |||||
Shares Repurchased | 48,118 | ||||||
Net Shares from Option - Plan 5 | 5,914 | ||||||
Options - EFA Non-qualified | 85,500 | ||||||
Average Option Price | $ | 10.18 | |||||
Total Exercise Cost | $ | 870,390 | |||||
Shares Repurchased | 81,421 | ||||||
Net Shares from Option - EFA Non-qualified | 4,079 | ||||||
Options - CGB Qualified | 40,495 | ||||||
Average Option Price | $ | 10.59 | |||||
Total Exercise Cost | $ | 428,842 | |||||
Shares Repurchased | 40,116 | ||||||
Net Shares from Option - CGB Qualified | 379 | ||||||
Options - CGB Non-qualified | 45,552 | ||||||
Average Option Price | $ | 10.61 | |||||
Total Exercise Cost | $ | 483,307 | |||||
Shares Repurchased | 45,211 | ||||||
Net Shares from Option - CGB Non-qualified | 341 | ||||||
Options - Moneta | 187,241 | ||||||
Average Option Price | $ | 12.44 | |||||
Total Exercise Cost | $ | 2,329,278 | |||||
Shares Repurchased | 217,893 | ||||||
Net Shares from Option - Moneta | 0 | ||||||
Stock Appreciation Rights | 70,388 | ||||||
Average Stock Appreciation Rights Price | $ | 12.13 | |||||
Total Exercise Cost | $ | 853,806 | |||||
Shares Repurchased | 79,870 | ||||||
Net Shares from Stock Appreciation Rights | 0 | ||||||
Gross Shares | 9,399,374 | 9,611,108 | |||||
Price | $ | 10.69 |
2
12 months ended December 31, 2003 | |||||||
Basic | Diluted | ||||||
Average Shares Outstanding | 9,566,059 | 9,566,059 | |||||
Options - Plan 1 | 0 | ||||||
Average Option Price | $ | 0.00 | |||||
Total Exercise Cost | $ | 0.00 | |||||
Shares Repurchased | 0 | ||||||
Net Shares from Option - Plan 1 | 0 | ||||||
Options - Plan 2 | 13,200 | ||||||
Average Option Price | $ | 5.88 | |||||
Total Exercise Cost | $ | 77,616 | |||||
Shares Repurchased | 5,836 | ||||||
Net Shares from Option - Plan 2 | 7,364 | ||||||
Options - Plan 3 | 401,144 | ||||||
Average Option Price | $ | 6.94 | |||||
Total Exercise Cost | $ | 2,783,939 | |||||
Shares Repurchased | 209,319 | ||||||
Net Shares from Option - Plan 3 | 191,825 | ||||||
Options - Plan 4 | 542,500 | ||||||
Average Option Price | $ | 12.13 | |||||
Total Exercise Cost | $ | 6,580,525 | |||||
Shares Repurchased | 494,776 | ||||||
Net Shares from Option - Plan 4 | 47,724 | ||||||
Options - Plan 5 | 327,057 | ||||||
Average Option Price | $ | 11.85 | |||||
Total Exercise Cost | $ | 3,875,625 | |||||
Shares Repurchased | 291,400 | ||||||
Net Shares from Option - Plan 5 | 35,657 | ||||||
Options - EFA Non-qualified | 90,236 | ||||||
Average Option Price | $ | 10.13 | |||||
Total Exercise Cost | $ | 914,091 | |||||
Shares Repurchased | 68,729 | ||||||
Net Shares from Option - EFA Non-qualified | 21,507 | ||||||
Options - CGB Qualified | 17,568 | ||||||
Average Option Price | $ | 10.73 | |||||
Total Exercise Cost | $ | 188,505 | |||||
Shares Repurchased | 14,173 | ||||||
Net Shares from Option - CGB Qualified | 3,395 | ||||||
Options - CGB Non-qualified | 10,816 | ||||||
Average Option Price | $ | 11.32 | |||||
Total Exercise Cost | $ | 122,437 | |||||
Shares Repurchased | 9,206 | ||||||
Net Shares from Option - CGB Non-qualified | 1,610 | ||||||
Options - Moneta | 186,496 | ||||||
Average Option Price | $ | 12.43 | |||||
Total Exercise Cost | $ | 2,318,145 | |||||
Shares Repurchased | 174,297 | ||||||
Net Shares from Option - Moneta | 0 | ||||||
Stock Appreciation Rights | 65,916 | ||||||
Average Stock Appreciation Rights Price | $ | 11.91 | |||||
Total Exercise Cost | $ | 785,060 | |||||
Shares Repurchased | 59,027 | ||||||
Net Shares from Stock Appreciation Rights | 0 | ||||||
Additional Grant (July 1) | 5,455 | ||||||
13.65 | |||||||
$ | 74,459 | ||||||
5,598 | |||||||
0 | |||||||
Gross Shares | 9,566,059 | 9,875,141 | |||||
Price | $ | 13.30 |
3