EXHIBIT 11.1
Statement Regarding Calculation of Earnings Per Share
Basic EPS number | Diluted EPS number | Net Income | Basic EPS | Diluted EPS | ||||||||||
3 months ended September 30, 2003 | 9,580,091 | 9,880,404 | $ | 1,756,873 | $ | 0.18 | $ | 0.18 | ||||||
3 months ended September 30, 2004 | 9,723,695 | 10,074,329 | $ | 2,853,729 | $ | 0.29 | $ | 0.28 | ||||||
Basic | Diluted | |||||||||||||
3 months ended September 30, 2003 | ||||||||||||||
Average Shares Outstanding | 9,580,091 | 9,580,091 | ||||||||||||
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 | 5,893 | |||||||||||||
Net Shares from Option - Plan 2 | 7,307 | |||||||||||||
Options - Plan 3 | 398,800 | |||||||||||||
Average Option Price | $ | 6.90 | ||||||||||||
Total Exercise Cost | $ | 2,751,720 | ||||||||||||
Shares Repurchased | 208,938 | |||||||||||||
Net Shares from Option - Plan 3 | 189,862 | |||||||||||||
Options - Plan 4 | 531,328 | |||||||||||||
Average Option Price | $ | 12.12 | ||||||||||||
Total Exercise Cost | $ | 6,439,695 | ||||||||||||
Shares Repurchased | 488,967 | |||||||||||||
Net Shares from Option - Plan 4 | 42,361 | |||||||||||||
Options - Plan 5 - Omnibus | 435,601 | |||||||||||||
Average Option Price | $ | 12.22 | ||||||||||||
Total Exercise Cost | $ | 5,323,044 | ||||||||||||
Shares Repurchased | 404,180 | |||||||||||||
Net Shares from Option - Plan 5 | 31,421 | |||||||||||||
Options - EFA Non-qualified | 89,250 | |||||||||||||
Average Option Price | $ | 10.13 | ||||||||||||
Total Exercise Cost | $ | 904,103 | ||||||||||||
Shares Repurchased | 68,649 | |||||||||||||
Net Shares from Option - EFA Non-qualified | 20,601 | |||||||||||||
Options - CGB Qualified | 12,482 | |||||||||||||
Average Option Price | $ | 10.62 | ||||||||||||
Total Exercise Cost | $ | 132,559 | ||||||||||||
Shares Repurchased | 10,065 | |||||||||||||
Net Shares from Option - CGB Qualified | 2,417 | |||||||||||||
Options - CGB Non-Qualified | 8,036 | |||||||||||||
Average Option Price | $ | 11.67 | ||||||||||||
Total Exercise Cost | $ | 93,780 | ||||||||||||
Shares Repurchased | 7,121 | |||||||||||||
Net Shares from Option - CGB Non-Qualified | 915 | |||||||||||||
Options - Moneta | 186,496 | |||||||||||||
Average Option Price | $ | 12.43 | ||||||||||||
Total Exercise Cost | $ | 2,318,145 | ||||||||||||
Shares Repurchased | 176,017 | |||||||||||||
Net Shares from Option - Moneta | 0 | |||||||||||||
Stock Appreciation Rights | 64,413 | |||||||||||||
Average SAR Price | $ | 12.06 | ||||||||||||
Total Exercise Cost | $ | 776,821 | ||||||||||||
Shares Repurchased | 58,984 | |||||||||||||
Net Shares from SARS | 5,429 | |||||||||||||
Gross Shares | 9,580,091 | 9,880,404 | ||||||||||||
Price | $ | 13.17 |
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter.
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Basic | Diluted | ||||||
3 months ended September 30, 2004 | |||||||
Average Shares Outstanding | 9,723,695 | 9,723,695 | |||||
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 | 5,364 | ||||||
Net Shares from Option - Plan 2 | 7,836 | ||||||
Options - Plan 3 | 289,400 | ||||||
Average Option Price | $ | 7.59 | |||||
Total Exercise Cost | $ | 2,196,546 | |||||
Shares Repurchased | 151,800 | ||||||
Net Shares from Option - Plan 3 | 137,600 | ||||||
Options - Plan 4 | 546,863 | ||||||
Average Option Price | $ | 12.30 | |||||
Total Exercise Cost | $ | 6,726,415 | |||||
Shares Repurchased | 464,852 | ||||||
Net Shares from Option - Plan 4 | 82,011 | ||||||
Options - Plan 5 - Omnibus | 450,159 | ||||||
Average Option Price | $ | 12.25 | |||||
Total Exercise Cost | $ | 5,514,448 | |||||
Shares Repurchased | 381,095 | ||||||
Net Shares from Option - Plan 5 | 69,064 | ||||||
Options - EFA Non-qualified | 87,057 | ||||||
Average Option Price | $ | 10.11 | |||||
Total Exercise Cost | $ | 880,146 | |||||
Shares Repurchased | 60,826 | ||||||
Net Shares from Option - EFA Non-qualified | 26,231 | ||||||
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 | 160,204 | ||||||
Net Shares from Option - Moneta | 26,292 | ||||||
Stock Appreciation Rights | 8,933 | ||||||
Average Stock Appreciation Rights Price | $ | 11.88 | |||||
Total Exercise Cost | $ | 106,124 | |||||
Shares Repurchased | 7,334 | ||||||
Net Shares from Stock Appreciation Rights | 1,599 | ||||||
Gross Shares | 9,723,695 | 10,074,329 | |||||
Average Market Price | $ | 14.47 |
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Basic EPS number of shares | Diluted EPS number of shares | Net Income | Basic EPS | Diluted EPS | ||||||||||
9 months ended September 30, 2003 | 9,554,540 | 9,861,025 | $ | 5,490,343 | $ | 0.57 | $ | 0.56 | ||||||
9 months ended September 30, 2004 | 9,681,437 | 10,005,663 | $ | 6,367,196 | $ | 0.66 | $ | 0.63 | ||||||
Basic | Diluted | |||||||||||||
9 months ended September 30, 2003 | ||||||||||||||
Average Shares Outstanding | 9,554,540 | 9,554,540 | ||||||||||||
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 | 5,867 | |||||||||||||
Net Shares from Option - Plan 2 | 7,333 | |||||||||||||
Options - Plan 3 | 400,833 | |||||||||||||
Average Option Price | $ | 6.90 | ||||||||||||
Total Exercise Cost | $ | 2,765,748 | ||||||||||||
Shares Repurchased | 209,051 | |||||||||||||
Net Shares from Option - Plan 3 | 191,782 | |||||||||||||
Options - Plan 4 | 537,651 | |||||||||||||
Average Option Price | $ | 12.11 | ||||||||||||
Total Exercise Cost | $ | 6,510,954 | ||||||||||||
Shares Repurchased | 492,136 | |||||||||||||
Net Shares from Option - Plan 4 | 45,515 | |||||||||||||
Options - Plan 5 - Omnibus | 282,418 | |||||||||||||
Average Option Price | $ | 11.62 | ||||||||||||
Total Exercise Cost | $ | 3,281,697 | ||||||||||||
Shares Repurchased | 248,050 | |||||||||||||
Net Shares from Option - Plan 5 | 34,368 | |||||||||||||
Options - EFA Non-qualified | 90,569 | |||||||||||||
Average Option Price | $ | 10.13 | ||||||||||||
Total Exercise Cost | $ | 917,464 | ||||||||||||
Shares Repurchased | 69,347 | |||||||||||||
Net Shares from Option - EFA Non-qualified | 21,222 | |||||||||||||
Options - CGB Qualified | 22,766 | |||||||||||||
Average Option Price | $ | 10.70 | ||||||||||||
Total Exercise Cost | $ | 243,596 | ||||||||||||
Shares Repurchased | 18,412 | |||||||||||||
Net Shares from Option - CGB Qualified | 4,354 | |||||||||||||
Options - CGB Non-Qualified | 12,961 | |||||||||||||
Average Option Price | $ | 11.28 | ||||||||||||
Total Exercise Cost | $ | 146,200 | ||||||||||||
Shares Repurchased | 11,051 | |||||||||||||
Net Shares from Option - CGB Non-Qualified | 1,910 | |||||||||||||
Options - Moneta | 186,496 | |||||||||||||
Average Option Price | $ | 12.43 | ||||||||||||
Total Exercise Cost | $ | 2,318,145 | ||||||||||||
Shares Repurchased | 175,219 | |||||||||||||
Net Shares from Option - Moneta | 0 | |||||||||||||
Stock Appreciation Rights | 66,426 | |||||||||||||
Average SAR Price | $ | 11.99 | ||||||||||||
Total Exercise Cost | $ | 796,448 | ||||||||||||
Shares Repurchased | 60,200 | |||||||||||||
Net Shares from SARS | 0 | |||||||||||||
Gross Shares | 9,554,540 | 9,861,025 | ||||||||||||
Price | $ | 13.23 |
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 nine months ended September 30, 2003.
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Basic | Diluted | ||||||
9 months ended September 30, 2004 | |||||||
Average Shares Outstanding | 9,681,437 | 9,681,437 | |||||
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 | 5,505 | ||||||
Net Shares from Option - Plan 2 | 7,695 | ||||||
Options - Plan 3 | 328,216 | ||||||
Average Option Price | $ | 7.37 | |||||
Total Exercise Cost | $ | 2,418,952 | |||||
Shares Repurchased | 171,557 | ||||||
Net Shares from Option - Plan 3 | 156,659 | ||||||
Options - Plan 4 | 554,640 | ||||||
Average Option Price | $ | 12.30 | |||||
Total Exercise Cost | $ | 6,822,072 | |||||
Shares Repurchased | 483,835 | ||||||
Net Shares from Option - Plan 4 | 70,805 | ||||||
Options - Plan 5 - Omnibus | 456,068 | ||||||
Average Option Price | $ | 12.26 | |||||
Total Exercise Cost | $ | 5,591,394 | |||||
Shares Repurchased | 396,553 | ||||||
Net Shares from Option - Plan 5 | 59,515 | ||||||
Options - EFA Non-qualified | 88,514 | ||||||
Average Option Price | $ | 10.12 | |||||
Total Exercise Cost | $ | 895,762 | |||||
Shares Repurchased | 63,529 | ||||||
Net Shares from Option - EFA Non-qualified | 24,985 | ||||||
Options - CGB Qualified | 665 | ||||||
Average Option Price | $ | 11.67 | |||||
Total Exercise Cost | $ | 7,761 | |||||
Shares Repurchased | 550 | ||||||
Net Shares from Option - CGB Qualified | 115 | ||||||
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 | 164,407 | ||||||
Net Shares from Option - Moneta | 0 | ||||||
Stock Appreciation Rights | 27,774 | ||||||
Average Stock Appreciation Rights Price | $ | 11.84 | |||||
Total Exercise Cost | $ | 328,844 | |||||
Shares Repurchased | 23,322 | ||||||
Net Shares from Stock Appreciation Rights | 4,452 | ||||||
Gross Shares | 9,681,437 | 10,005,663 | |||||
Average Market Price | $ | 14.10 |
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the nine months ended September 30, 2004.
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