EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF PER EARNINGS SHARE
|
| Basic |
| Diluted |
| Net |
| Basic |
| Diluted |
| |||||
|
|
|
|
|
|
| ||||||||||
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, 2004 |
|
| 9,695,500 |
|
| 10,054,691 |
| $ | 8,214,527 |
| $ | 0.85 |
| $ | 0.82 |
|
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 |
|
|
|
|
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.
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 |
|
|
|
|
| 191,951 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.46 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 2,391,709 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 179,828 |
|
|
|
|
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 |
|
|
|
|
|
|
|
| ||||
Gross Shares |
|
| 9,566,059 |
|
|
|
|
| 9,875,141 |
|
Price |
|
|
|
| $ | 13.30 |
|
|
|
|
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.
12 months ended December 31, 2004 |
| Basic |
|
|
|
| Diluted |
| ||
|
|
|
|
|
| |||||
Average Shares Outstanding |
|
| 9,695,500 |
|
|
|
|
| 9,695,500 |
|
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 |
|
|
|
|
| 5,287 |
|
|
|
|
Net Shares from Option - Plan 2 |
|
|
|
|
|
|
|
| 7,913 |
|
Options - Plan 3 |
|
|
|
|
| 316,913 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 7.43 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 2,354,664 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 160,399 |
|
|
|
|
Net Shares from Option - Plan 3 |
|
|
|
|
|
|
|
| 156,514 |
|
Options - Plan 4 |
|
|
|
|
| 546,413 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.30 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 6,720,880 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 457,826 |
|
|
|
|
Net Shares from Option - Plan 4 |
|
|
|
|
|
|
|
| 88,587 |
|
Options - Plan 5 - Omnibus |
|
|
|
|
| 450,853 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.25 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 5,522,949 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 376,223 |
|
|
|
|
Net Shares from Option - Plan 5 |
|
|
|
|
|
|
|
| 74,630 |
|
Options - EFA Non-qualified |
|
|
|
|
| 86,571 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 10.10 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 874,367 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 59,562 |
|
|
|
|
Net Shares from Option - EFA Non-qualified |
|
|
|
|
|
|
|
| 27,009 |
|
Options - CGB Qualified |
|
|
|
|
| 498 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 11.67 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 5,812 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 396 |
|
|
|
|
Net Shares from Option - CGB Qualified |
|
|
|
|
|
|
|
| 102 |
|
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 |
|
|
|
|
| 194,994 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.48 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 2,433,525 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 165,771 |
|
|
|
|
Net Shares from Option - Moneta |
|
|
|
|
|
|
|
| 0 |
|
Stock Appreciation Rights |
|
|
|
|
| 22,930 |
|
|
|
|
Average Stock Appreciation Rights Price |
|
|
|
| $ | 11.84 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 271,491 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 18,494 |
|
|
|
|
Net Shares from Stock Appreciation Rights |
|
|
|
|
|
|
|
| 4,436 |
|
|
|
|
|
|
|
| ||||
Gross Shares |
|
| 9,695,500 |
|
|
|
|
| 10,054,691 |
|
Average Market Price |
|
|
|
| $ | 14.68 |
|
|
|
|
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with each plan during the quarter.