Exhibit 11.1
Statement Regarding Calculation of Earnings Per Share
Basic EPS number of shares | Diluted EPS number of shares | Net Income | Basic EPS | Diluted EPS | ||||||||||
3 months ended March 31, 2003 | 9,520,631 | 9,825,620 | $ | 1,135,098 | $ | 0.12 | $ | 0.12 | ||||||
3 months ended March 31, 2004 | 9,640,145 | 9,942,143 | $ | 1,526,586 | $ | 0.16 | $ | 0.15 | ||||||
Basic | Diluted | |||||||||||||
3 months ended March 31, 2003 | ||||||||||||||
Average Shares Outstanding | 9,520,631 | 9,520,631 | ||||||||||||
Options - Plan 2 | 13,200 | |||||||||||||
Average Option Price | $ | 5.88 | ||||||||||||
Total Exercise Cost | $ | 77,616 | ||||||||||||
Shares Repurchased | 5,948 | |||||||||||||
Net Shares from Option - Plan 2 | 7,252 | |||||||||||||
Options - Plan 3 | 404,967 | |||||||||||||
Average Option Price | $ | 6.89 | ||||||||||||
Total Exercise Cost | $ | 2,790,223 | ||||||||||||
Shares Repurchased | 213,810 | |||||||||||||
Net Shares from Option - Plan 3 | 191,157 | |||||||||||||
Options - Plan 4 | 557,216 | |||||||||||||
Average Option Price | $ | 12.08 | ||||||||||||
Total Exercise Cost | $ | 6,731,169 | ||||||||||||
Shares Repurchased | 515,798 | |||||||||||||
Net Shares from Option - Plan 4 | 41,418 | |||||||||||||
Options - Plan 5 - Omnibus | 132,905 | |||||||||||||
Average Option Price | $ | 9.66 | ||||||||||||
Total Exercise Cost | $ | 1,283,862 | ||||||||||||
Shares Repurchased | 98,380 | |||||||||||||
Net Shares from Option - Plan 5 | 34,525 | |||||||||||||
Options - EFA Non-qualified | 93,250 | |||||||||||||
Average Option Price | $ | 10.13 | ||||||||||||
Total Exercise Cost | $ | 944,623 | ||||||||||||
Shares Repurchased | 72,385 | |||||||||||||
Net Shares from Option - EFA Non-qualified | 20,865 | |||||||||||||
Options - CGB Qualified | 29,252 | |||||||||||||
Average Option Price | $ | 10.27 | ||||||||||||
Total Exercise Cost | $ | 300,418 | ||||||||||||
Shares Repurchased | 23,021 | |||||||||||||
Net Shares from Option - CGB Qualified | 6,231 | |||||||||||||
Options - CGB Non-Qualified | 22,434 | |||||||||||||
Average Option Price | $ | 10.99 | ||||||||||||
Total Exercise Cost | $ | 246,550 | ||||||||||||
Shares Repurchased | 18,893 | |||||||||||||
Net Shares from Option - CGB Non-Qualified | 3,541 | |||||||||||||
Options - Moneta | 186,496 | |||||||||||||
Average Option Price | $ | 12.43 | ||||||||||||
Total Exercise Cost | $ | 2,318,145 | ||||||||||||
Shares Repurchased | 177,636 | |||||||||||||
Net Shares from Option - Moneta | — | |||||||||||||
Stock Appreciation Rights | 69,200 | |||||||||||||
Average SAR Price | $ | 12.05 | ||||||||||||
Total Exercise Cost | $ | 833,860 | ||||||||||||
Shares Repurchased | 63,897 | |||||||||||||
Net Shares from SARS | — | |||||||||||||
Gross Shares | 9,520,631 | 9,825,620 | ||||||||||||
Average Market Price | $ | 13.05 |
Moneta options and Stock Appreciation Rights are anti-dilutive due to the impact of adjusting net income for the expense associated with each plan during the quarter.
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Basic | Diluted | ||||||
3 months ended March 31, 2004 | |||||||
Average Shares Outstanding | 9,640,145 | 9,640,145 | |||||
Options - Plan 2 | 13,200 | ||||||
Average Option Price | $ | 5.88 | |||||
Total Exercise Cost | $ | 77,616 | |||||
Shares Repurchased | 5,741 | ||||||
Net Shares from Option - Plan 2 | 7,459 | ||||||
Options - Plan 3 | 366,106 | ||||||
Average Option Price | $ | 7.20 | |||||
Total Exercise Cost | $ | 2,635,963 | |||||
Shares Repurchased | 194,968 | ||||||
Net Shares from Option - Plan 3 | 171,138 | ||||||
Options - Plan 4 | 556,835 | ||||||
Average Option Price | $ | 12.28 | |||||
Total Exercise Cost | $ | 6,837,934 | |||||
Shares Repurchased | 505,764 | ||||||
Net Shares from Option - Plan 4 | 51,071 | ||||||
Options - Plan 5 - Omnibus | 458,664 | ||||||
Average Option Price | $ | 12.27 | |||||
Total Exercise Cost | $ | 5,627,807 | |||||
Shares Repurchased | 416,258 | ||||||
Net Shares from Option - Plan 5 | 42,406 | ||||||
Options - EFA Non-qualified | 89,250 | ||||||
Average Option Price | $ | 10.13 | |||||
Total Exercise Cost | $ | 904,103 | |||||
Shares Repurchased | 66,871 | ||||||
Net Shares from Option - EFA Non-qualified | 22,379 | ||||||
Options - CGB Qualified | 2,002 | ||||||
Average Option Price | $ | 11.67 | |||||
Total Exercise Cost | $ | 23,363 | |||||
Shares Repurchased | 1,728 | ||||||
Net Shares from Option - CGB Qualified | 274 | ||||||
Options - Moneta | 186,496 | ||||||
Average Option Price | $ | 12.43 | |||||
Total Exercise Cost | $ | 2,318,145 | |||||
Shares Repurchased | 171,460 | ||||||
Net Shares from Option - Moneta | — | ||||||
Stock Appreciation Rights | 59,943 | ||||||
Average Stock Appreciation Rights Price | $ | 11.88 | |||||
Total Exercise Cost | $ | 712,123 | |||||
Shares Repurchased | 52,672 | ||||||
Net Shares from Stock Appreciation Rights | 7,271 | ||||||
Gross Shares | 9,640,145 | 9,942,143 | |||||
Average Market Price | $ | 13.52 |
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with each plan during the quarter.
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