Exhibit 11.1
Statement Regarding Calculation of Earnings Per Share
|
| Basic |
| Diluted |
| Net |
| Basic |
| Diluted |
| |||||
|
|
|
|
|
|
| ||||||||||
3 months ended June 30, 2004 |
|
| 9,680,006 |
|
| 9,987,261 |
| $ | 1,986,881 |
| $ | 0.21 |
| $ | 0.20 |
|
3 months ended June 30, 2005 |
|
| 10,045,802 |
|
| 10,675,548 |
| $ | 3,140,694 |
| $ | 0.31 |
| $ | 0.29 |
|
3 months ended June 30, 2004 |
| Basic |
|
|
|
| Diluted |
| ||
|
|
|
|
|
| |||||
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 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 0 |
|
|
|
|
Net Shares from Option - CGB Qualified |
|
|
|
|
|
|
|
| 0 |
|
Options - CGB Non-qualified |
|
|
|
|
| 0 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 0.00 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 0 |
|
|
|
|
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 |
|
|
|
|
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter.
28
3 months ended June 30, 2005 |
| Basic |
|
|
|
| Diluted |
| ||
|
|
|
|
|
| |||||
Average Shares Outstanding |
|
| 10,045,802 |
|
|
|
|
| 10,045,802 |
|
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 |
|
|
|
|
| 3,831 |
|
|
|
|
Net Shares from Option - Plan 2 |
|
|
|
|
|
|
|
| 9,369 |
|
Options - Plan 3 |
|
|
|
|
| 163,632 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 8.74 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 1,430,144 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 70,590 |
|
|
|
|
Net Shares from Option - Plan 3 |
|
|
|
|
|
|
|
| 93,042 |
|
Options - Plan 4 |
|
|
|
|
| 439,749 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.39 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 5,448,490 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 268,928 |
|
|
|
|
Net Shares from Option - Plan 4 |
|
|
|
|
|
|
|
| 170,821 |
|
Options - Plan 5 - Omnibus |
|
|
|
|
| 394,544 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.09 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 4,770,037 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 235,441 |
|
|
|
|
Net Shares from Option - Plan 5 |
|
|
|
|
|
|
|
| 159,103 |
|
Options - EFA Non-qualified |
|
|
|
|
| 17,759 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 10.00 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 177,590 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 8,766 |
|
|
|
|
Net Shares from Option - EFA Non-qualified |
|
|
|
|
|
|
|
| 8,993 |
|
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 |
|
|
|
|
| 188,904 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.43 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 2,348,077 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 115,897 |
|
|
|
|
Net Shares from Option - Moneta |
|
|
|
|
|
|
|
| 73,007 |
|
Stock Appreciation Rights |
|
|
|
|
| 7,800 |
|
|
|
|
Average Stock Appreciation Rights Price |
|
|
|
| $ | 11.81 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 92,118 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 4,547 |
|
|
|
|
Net Shares from Stock Appreciation Rights |
|
|
|
|
|
|
|
| 0 |
|
Restricted Share Units |
|
|
|
|
|
|
|
| 115,411 |
|
|
|
|
|
|
|
| ||||
Gross Shares |
|
| 10,045,802 |
|
|
|
|
| 10,675,548 |
|
Average Market Price |
|
|
|
| $ | 20.26 |
|
|
|
|
Stock appreciation rights are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter.
29
|
| Basic EPS number of shares |
| Diluted EPS number of shares |
| Net Income |
| Basic EPS |
| Diluted EPS |
| |||||
|
|
|
|
|
|
| ||||||||||
6 months ended June 30, 2004 |
|
| 9,660,075 |
|
| 9,977,520 |
| $ | 3,513,467 |
| $ | 0.36 |
| $ | 0.35 |
|
6 months ended June 30, 2005 |
|
| 9,984,125 |
|
| 10,601,412 |
| $ | 5,588,155 |
| $ | 0.56 |
| $ | 0.53 |
|
6 months ended June 30, 2004 |
| Basic |
|
|
|
| Diluted |
| ||
|
|
|
|
|
| |||||
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 |
|
|
|
|
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 |
|
|
|
|
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan on a year-to-date basis.
30
6 months ended June 30, 2005 |
| Basic |
|
|
|
| Diluted |
| ||
|
|
|
|
|
| |||||
Average Shares Outstanding |
|
| 9,984,125 |
|
|
|
|
| 9,984,125 |
|
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 |
|
|
|
|
| 3,970 |
|
|
|
|
Net Shares from Option - Plan 2 |
|
|
|
|
|
|
|
| 9,230 |
|
Options - Plan 3 |
|
|
|
|
| 189,277 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 8.41 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 1,591,820 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 81,423 |
|
|
|
|
Net Shares from Option - Plan 3 |
|
|
|
|
|
|
|
| 107,854 |
|
Options - Plan 4 |
|
|
|
|
| 455,148 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.35 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 5,621,078 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 287,523 |
|
|
|
|
Net Shares from Option - Plan 4 |
|
|
|
|
|
|
|
| 167,625 |
|
Options - Plan 5 - Omnibus |
|
|
|
|
| 406,266 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.13 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 4,928,007 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 252,072 |
|
|
|
|
Net Shares from Option - Plan 5 |
|
|
|
|
|
|
|
| 154,194 |
|
Options - EFA Non-qualified |
|
|
|
|
| 29,644 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 10.00 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 296,440 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 15,163 |
|
|
|
|
Net Shares from Option - EFA Non-qualified |
|
|
|
|
|
|
|
| 14,481 |
|
Options - CGB Qualified |
|
|
|
|
| 0 |
|
|
|
|
Average Option Price |
|
|
|
| $ | — |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | — |
|
|
|
|
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 |
|
|
|
|
| 189,614 |
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.44 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 2,358,798 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 120,655 |
|
|
|
|
Net Shares from Option - Moneta |
|
|
|
|
|
|
|
| 68,959 |
|
Stock Appreciation Rights |
|
|
|
|
| 7,800 |
|
|
|
|
Average Stock Appreciation Rights Price |
|
|
|
| $ | 11.53 |
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 89,934 |
|
|
|
|
Shares Repurchased |
|
|
|
|
| 4,600 |
|
|
|
|
Net Shares from Stock Appreciation Rights |
|
|
|
|
|
|
|
| 0 |
|
Restricted Share Units |
|
|
|
|
|
|
|
| 94,944 |
|
|
|
|
|
|
|
| ||||
Gross Shares |
|
| 9,984,125 |
|
|
|
|
| 10,601,412 |
|
Average Market Price |
|
|
|
| $ | 19.55 |
|
|
|
|
Stock appreciation rights are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter.
31