Exhibit 11.1
Statement Regarding Calculation of Earnings Per Share
|
| Basic |
| Diluted |
|
| Net |
|
| Basic |
|
| Diluted |
| ||
|
|
|
|
|
|
| ||||||||||
3 months ended March 31, 2004 |
|
| 9,640,145 |
|
| 9,942,143 |
| $ | 1,526,586 |
| $ | 0.16 |
| $ | 0.15 |
|
3 months ended March 31, 2005 |
|
| 9,921,762 |
|
| 10,520,844 |
| $ | 2,447,461 |
| $ | 0.25 |
| $ | 0.23 |
|
3 months ended March 31, 2004 |
| Basic |
|
|
| Diluted |
| |||
|
|
|
|
| ||||||
Average Shares Outstanding |
|
| 9,640,145 |
|
|
|
|
| 9,640,145 |
|
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 |
|
|
|
|
| 5,741 |
|
|
|
|
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 |
|
|
|
|
|
|
|
| 0 |
|
Stock Appreciation Rights |
|
|
|
|
| 59,943 |
|
|
|
|
Average SAR Price |
|
|
|
| $ | 11.88 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 712,123 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 52,672 |
|
|
|
|
Net Shares from SARS |
|
|
|
|
|
|
|
| 7,271 |
|
Gross Shares |
|
| 9,640,145 |
|
|
|
|
| 9,942,143 |
|
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.
3 months ended March 31, 2005 |
| Basic |
|
|
| Diluted |
| ||||
|
|
|
|
|
| ||||||
Average Shares Outstanding |
|
| 9,921,762 |
|
|
|
|
| 9,921,762 |
| |
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 |
|
|
|
|
| 4,129 |
|
|
|
| |
Net Shares from Option - Plan 2 |
|
|
|
|
|
|
|
| 9,071 |
| |
Options - Plan 3 |
|
|
|
|
| 215,207 |
|
|
|
| |
Average Option Price |
|
|
|
| $ | 8.15 |
|
|
|
| |
Total Exercise Cost |
|
|
|
| $ | 1,753,937 |
|
|
|
| |
Shares Repurchased |
|
|
|
|
| 93,295 |
|
|
|
| |
Net Shares from Option - Plan 3 |
|
|
|
|
|
|
|
| 121,912 |
| |
Options - Plan 4 |
|
|
|
|
| 470,718 |
|
|
|
| |
Average Option Price |
|
|
|
| $ | 12.32 |
|
|
|
| |
Total Exercise Cost |
|
|
|
| $ | 5,799,246 |
|
|
|
| |
Shares Repurchased |
|
|
|
|
| 308,471 |
|
|
|
| |
Net Shares from Option - Plan 4 |
|
|
|
|
|
|
|
| 162,247 |
| |
Options - Plan 5 - Omnibus |
|
|
|
|
| 418,119 |
|
|
|
| |
Average Option Price |
|
|
|
| $ | 12.16 |
|
|
|
| |
Total Exercise Cost |
|
|
|
| $ | 5,084,327 |
|
|
|
| |
Shares Repurchased |
|
|
|
|
| 270,443 |
|
|
|
| |
Net Shares from Option - Plan 5 |
|
|
|
|
|
|
|
| 147,676 |
| |
Options - EFA Non-qualified |
|
|
|
|
| 41,661 |
|
|
|
| |
Average Option Price |
|
|
|
| $ | 10.00 |
|
|
|
| |
Total Exercise Cost |
|
|
|
| $ | 416,610 |
|
|
|
| |
Shares Repurchased |
|
|
|
|
| 22,160 |
|
|
|
| |
Net Shares from Option - EFA Non-qualified |
|
|
|
|
|
|
|
| 19,501 |
| |
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 |
|
|
|
|
| 190,332 |
|
|
|
| |
Average Option Price |
|
|
|
| $ | 12.44 |
|
|
|
| |
Total Exercise Cost |
|
|
|
| $ | 2,367,730 |
|
|
|
| |
Shares Repurchased |
|
|
|
|
| 125,943 |
|
|
|
| |
Net Shares from Option - Moneta |
|
|
|
|
|
|
|
| 64,389 |
| |
Stock Appreciation Rights |
|
|
|
|
| 7,800 |
|
|
|
| |
Average Stock Appreciation Rights Price |
|
|
|
| $ | 11.53 |
|
|
|
| |
Total Exercise Cost |
|
|
|
| $ | 89,934 |
|
|
|
| |
Shares Repurchased |
|
|
|
|
| 4,784 |
|
|
|
| |
Net Shares from Stock Appreciation Rights |
|
|
|
|
|
|
|
| 0 |
| |
Restricted Share Units |
|
|
|
|
|
|
|
| 74,286 |
| |
Gross Shares |
|
| 9,921,762 |
|
|
|
|
| 10,520,844 |
| |
Average Market Price |
|
|
|
| $ | 18.80 |
|
|
|
| |
Stock Appreciation Rights are anti-dilutive due to the impact of adjusting net income for the expense associated with each plan during the quarter.