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 June 30, 2003 | 9,560,529 | 9,892,558 | $ | 2,598,372 | $ | 0.27 | $ | 0.26 | ||||||
3 months ended June 30, 2004 | 9,680,006 | 9,987,261 | $ | 1,986,881 | $ | 0.21 | $ | 0.20 | ||||||
Basic | Diluted | |||||||||||||
3 months ended June 30, 2003 | ||||||||||||||
Average Shares Outstanding | 9,560,529 | 9,560,529 | ||||||||||||
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 | 5,758 | |||||||||||||
Net Shares from Option - Plan 2 | 7,442 | |||||||||||||
Options - Plan 3 | 398,800 | |||||||||||||
Average Option Price | $ | 6.90 | ||||||||||||
Total Exercise Cost | $ | 2,751,720 | ||||||||||||
Shares Repurchased | 204,134 | |||||||||||||
Net Shares from Option - Plan 3 | 194,667 | |||||||||||||
Options - Plan 4 | 526,362 | |||||||||||||
Average Option Price | $ | 12.11 | ||||||||||||
Total Exercise Cost | $ | 6,374,244 | ||||||||||||
Shares Repurchased | 472,867 | |||||||||||||
Net Shares from Option - Plan 4 | 53,495 | |||||||||||||
Options - Plan 5 - Omnibus | 275,423 | |||||||||||||
Average Option Price | $ | 11.59 | ||||||||||||
Total Exercise Cost | $ | 3,192,153 | ||||||||||||
Shares Repurchased | 236,807 | |||||||||||||
Net Shares from Option - Plan 5 | 38,616 | |||||||||||||
Options - EFA Non-qualified | 89,250 | |||||||||||||
Average Option Price | $ | 10.13 | ||||||||||||
Total Exercise Cost | $ | 904,103 | ||||||||||||
Shares Repurchased | 67,070 | |||||||||||||
Net Shares from Option - EFA Non-qualified | 22,180 | |||||||||||||
Options - CGB Qualified | 26,750 | |||||||||||||
Average Option Price | $ | 10.14 | ||||||||||||
Total Exercise Cost | $ | 271,245 | ||||||||||||
Shares Repurchased | 20,122 | |||||||||||||
Net Shares from Option - CGB Qualified | 6,628 | |||||||||||||
Options - CGB Non-Qualified | 8,572 | |||||||||||||
Average Option Price | $ | 11.67 | ||||||||||||
Total Exercise Cost | $ | 100,035 | ||||||||||||
Shares Repurchased | 7,421 | |||||||||||||
Net Shares from Option - CGB Non-Qualified | 1,151 | |||||||||||||
Options - Moneta | 186,496 | |||||||||||||
Average Option Price | $ | 12.43 | ||||||||||||
Total Exercise Cost | $ | 2,318,145 | ||||||||||||
Shares Repurchased | 171,969 | |||||||||||||
Net Shares from Option - Moneta | 0 | |||||||||||||
Stock Appreciation Rights | 65,719 | |||||||||||||
Average SAR Price | $ | 11.87 | ||||||||||||
Total Exercise Cost | $ | 780,085 | ||||||||||||
Shares Repurchased | 57,870 | |||||||||||||
Net Shares from SARS | 7,849 | |||||||||||||
Gross Shares | 9,560,529 | 9,892,558 | ||||||||||||
Price | $ | 13.48 |
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter and year to date.
Basic | Diluted | ||||||
3 months ended June 30, 2004 | |||||||
Average Shares Outstanding | 9,680,006 | 9,680,006 | |||||
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 | 5,428 | ||||||
Net Shares from Option - Plan 2 | 7,772 | ||||||
Options - Plan 3 | 329,569 | ||||||
Average Option Price | $ | 8.76 | |||||
Total Exercise Cost | $ | 2,887,024 | |||||
Shares Repurchased | 201,890 | ||||||
Net Shares from Option - Plan 3 | 127,679 | ||||||
Options - Plan 4 | 560,332 | ||||||
Average Option Price | $ | 12.31 | |||||
Total Exercise Cost | $ | 6,897,687 | |||||
Shares Repurchased | 482,356 | ||||||
Net Shares from Option - Plan 4 | 77,976 | ||||||
Options - Plan 5 - Omnibus | 457,235 | ||||||
Average Option Price | $ | 12.26 | |||||
Total Exercise Cost | $ | 5,605,701 | |||||
Shares Repurchased | 392,007 | ||||||
Net Shares from Option - Plan 5 | 65,228 | ||||||
Options - EFA Non-qualified | 89,250 | ||||||
Average Option Price | $ | 10.13 | |||||
Total Exercise Cost | $ | 904,103 | |||||
Shares Repurchased | 63,224 | ||||||
Net Shares from Option - EFA Non-qualified | 26,026 | ||||||
Options - CGB Qualified | 0 | ||||||
Average Option Price | $ | 0.00 | |||||
Total Exercise Cost | $ | 0.00 | |||||
Shares Repurchased | 0 | ||||||
Net Shares from Option - CGB Qualified | 0 | ||||||
Options - CGB Non-qualified | 0 | ||||||
Average Option Price | $ | 0.00 | |||||
Total Exercise Cost | $ | 0.00 | |||||
Shares Repurchased | 0 | ||||||
Net Shares from Option - CGB Non-qualified | 0 | ||||||
Options - Moneta | 186,496 | ||||||
Average Option Price | $ | 12.43 | |||||
Total Exercise Cost | $ | 2,318,145 | |||||
Shares Repurchased | 162,108 | ||||||
Net Shares from Option - Moneta | 0 | ||||||
Stock Appreciation Rights | 17,607 | ||||||
Average Stock Appreciation Rights Price | $ | 12.21 | |||||
Total Exercise Cost | $ | 214,981 | |||||
Shares Repurchased | 15,034 | ||||||
Net Shares from Stock Appreciation Rights | 2,573 | ||||||
Gross Shares | 9,680,006 | 9,987,261 | |||||
Average Market Price | $ | 14.30 |
Basic EPS number of shares | Diluted EPS number of shares | Net Income | Basic EPS | Diluted EPS | ||||||||||
6 months ended June 30, 2003 | 9,541,552 | 9,855,507 | $ | 3,733,470 | $ | 0.39 | $ | 0.38 | ||||||
6 months ended June 30, 2004 | 9,660,075 | 9,977,520 | $ | 3,513,467 | $ | 0.36 | $ | 0.35 | ||||||
Basic | Diluted | |||||||||||||
6 months ended June 30, 2003 | ||||||||||||||
Average Shares Outstanding | 9,541,552 | 9,541,552 | ||||||||||||
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 | 5,849 | |||||||||||||
Net Shares from Option - Plan 2 | 7,351 | |||||||||||||
Options - Plan 3 | 401,866 | |||||||||||||
Average Option Price | $ | 6.90 | ||||||||||||
Total Exercise Cost | $ | 2,772,875 | ||||||||||||
Shares Repurchased | 208,958 | |||||||||||||
Net Shares from Option - Plan 3 | 192,908 | |||||||||||||
Options - Plan 4 | 541,704 | |||||||||||||
Average Option Price | $ | 12.10 | ||||||||||||
Total Exercise Cost | $ | 6,554,618 | ||||||||||||
Shares Repurchased | 493,943 | |||||||||||||
Net Shares from Option - Plan 4 | 47,761 | |||||||||||||
Options - Plan 5 - Omnibus | 204,558 | |||||||||||||
Average Option Price | $ | 10.97 | ||||||||||||
Total Exercise Cost | $ | 2,244,001 | ||||||||||||
Shares Repurchased | 169,103 | |||||||||||||
Net Shares from Option - Plan 5 | 35,455 | |||||||||||||
Options - EFA Non-qualified | 91,239 | |||||||||||||
Average Option Price | $ | 10.13 | ||||||||||||
Total Exercise Cost | $ | 924,251 | ||||||||||||
Shares Repurchased | 69,650 | |||||||||||||
Net Shares from Option - EFA Non-qualified | 21,589 | |||||||||||||
Options - CGB Qualified | 27,994 | |||||||||||||
Average Option Price | $ | 10.21 | ||||||||||||
Total Exercise Cost | $ | 285,819 | ||||||||||||
Shares Repurchased | 21,539 | |||||||||||||
Net Shares from Option - CGB Qualified | 6,455 | |||||||||||||
Options - CGB Non-Qualified | 15,465 | |||||||||||||
Average Option Price | $ | 11.18 | ||||||||||||
Total Exercise Cost | $ | 172,899 | ||||||||||||
Shares Repurchased | 13,029 | |||||||||||||
Net Shares from Option - CGB Non-Qualified | 2,436 | |||||||||||||
Options - Moneta | 186,496 | |||||||||||||
Average Option Price | $ | 12.43 | ||||||||||||
Total Exercise Cost | $ | 2,318,145 | ||||||||||||
Shares Repurchased | 174,691 | |||||||||||||
Net Shares from Option - Moneta | 0 | |||||||||||||
Stock Appreciation Rights | 67,450 | |||||||||||||
Average SAR Price | $ | 11.96 | ||||||||||||
Total Exercise Cost | $ | 806,702 | ||||||||||||
Shares Repurchased | 60,791 | |||||||||||||
Net Shares from SARS | 0 | |||||||||||||
Gross Shares | 9,541,552 | 9,855,507 | ||||||||||||
Price | $ | 13.27 |
Basic | Diluted | ||||||
6 months ended June 30, 2004 | |||||||
Average Shares Outstanding | 9,660,075 | 9,660,075 | |||||
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 | 5,580 | ||||||
Net Shares from Option - Plan 2 | 7,620 | ||||||
Options - Plan 3 | 347,838 | ||||||
Average Option Price | $ | 7.28 | |||||
Total Exercise Cost | $ | 2,532,261 | |||||
Shares Repurchased | 182,046 | ||||||
Net Shares from Option - Plan 3 | 165,792 | ||||||
Options - Plan 4 | 558,571 | ||||||
Average Option Price | $ | 12.42 | |||||
Total Exercise Cost | $ | 6,937,452 | |||||
Shares Repurchased | 498,738 | ||||||
Net Shares from Option - Plan 4 | 59,833 | ||||||
Options - Plan 5 - Omnibus | 457,949 | ||||||
Average Option Price | $ | 12.26 | |||||
Total Exercise Cost | $ | 5,614,455 | |||||
Shares Repurchased | 403,627 | ||||||
Net Shares from Option - Plan 5 | 54,322 | ||||||
Options - EFA Non-qualified | 89,250 | ||||||
Average Option Price | $ | 10.13 | |||||
Total Exercise Cost | $ | 904,103 | |||||
Shares Repurchased | 64,997 | ||||||
Net Shares from Option - EFA Non-qualified | 24,253 | ||||||
Options - CGB Qualified | 1,001 | ||||||
Average Option Price | $ | 11.67 | |||||
Total Exercise Cost | $ | 11,682 | |||||
Shares Repurchased | 840 | ||||||
Net Shares from Option - CGB Qualified | 161 | ||||||
Options - CGB Non-qualified | 0 | ||||||
Average Option Price | $ | 0.00 | |||||
Total Exercise Cost | $ | 0.00 | |||||
Shares Repurchased | 0 | ||||||
Net Shares from Option - CGB Non-qualified | 0 | ||||||
Options - Moneta | 186,496 | ||||||
Average Option Price | $ | 12.43 | |||||
Total Exercise Cost | $ | 2,318,145 | |||||
Shares Repurchased | 166,653 | ||||||
Net Shares from Option - Moneta | 0 | ||||||
Stock Appreciation Rights | 38,775 | ||||||
Average Stock Appreciation Rights Price | $ | 11.95 | |||||
Total Exercise Cost | $ | 463,361 | |||||
Shares Repurchased | 33,311 | ||||||
Net Shares from Stock Appreciation Rights | 5,464 | ||||||
Gross Shares | 9,660,075 | 9,977,520 | |||||
Average Market Price | $ | 13.91 |