Exhibit 11.1
Statement Regarding Calculation of Earnings Per Share
|
| Basic |
| Diluted |
| Net |
| Basic |
| Diluted |
| |||||
|
|
|
|
|
|
| ||||||||||
3 months ended September 30, 2004 |
|
| 9,723,695 |
|
| 10,074,329 |
| $ | 2,853,729 |
| $ | 0.29 |
| $ | 0.28 |
|
3 months ended September 30, 2005 |
|
| 10,082,730 |
|
| 10,781,971 |
| $ | 2,878,111 |
| $ | 0.29 |
| $ | 0.27 |
|
3 months ended September 30, 2004 |
|
| Basic |
|
|
|
|
| Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Shares Outstanding |
|
| 9,723,695 |
|
|
|
|
| 9,723,695 |
|
|
|
|
|
|
|
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 - 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 |
|
|
|
|
|
|
|
|
|
|
3 months ended September 30, 2005 |
| Basic |
|
|
|
| Diluted |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Shares Outstanding |
|
| 10,082,730 |
|
|
|
|
| 10,082,730 |
|
|
|
|
|
|
|
Options - Plan 2 |
|
|
|
|
| 8,035 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 6.23 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 50,058 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 2,169 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 2 |
|
|
|
|
|
|
|
| 5,866 |
|
|
|
|
|
|
|
Options - Plan 3 |
|
|
|
|
| 153,541 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 8.72 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 1,338,878 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 58,010 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 3 |
|
|
|
|
|
|
|
| 95,531 |
|
|
|
|
|
|
|
Options - Plan 4 |
|
|
|
|
| 423,885 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.37 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 5,243,457 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 227,186 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 4 |
|
|
|
|
|
|
|
| 196,699 |
|
|
|
|
|
|
|
Options - Plan 5 - Omnibus |
|
|
|
|
| 392,881 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.09 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 4,749,931 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 205,803 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 5 |
|
|
|
|
|
|
|
| 187,078 |
|
|
|
|
|
|
|
Options - EFA Non-qualified |
|
|
|
|
| 13,179 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 10.00 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 131,790 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 5,710 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - EFA Non-qualified |
|
|
|
|
|
|
|
| 7,469 |
|
|
|
|
|
|
|
Options - Moneta |
|
|
|
|
| 188,904 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.43 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 2,348,077 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 101,736 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Moneta |
|
|
|
|
|
|
|
| 87,168 |
|
|
|
|
|
|
|
Stock Appreciation Rights |
|
|
|
|
| 7,800 |
|
|
|
|
|
|
|
|
|
|
Average Stock Appreciation Rights Price |
|
|
|
| $ | 11.81 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 92,118 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 3,991 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Stock Appreciation Rights |
|
|
|
|
|
|
|
| 3,809 |
|
|
|
|
|
|
|
Restricted Share Units |
|
|
|
|
|
|
|
| 115,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gross Shares |
|
| 10,082,730 |
|
|
|
|
| 10,781,971 |
|
|
|
|
|
|
|
Average Market Price |
|
|
|
| $ | 23.08 |
|
|
|
|
|
|
|
|
|
|
2
|
| Basic |
| Diluted |
| Net |
| Basic |
| Diluted |
| |||||
|
|
|
|
|
|
| ||||||||||
9 months ended September 30, 2004 |
|
| 9,681,437 |
|
| 10,005,663 |
| $ | 6,367,196 |
| $ | 0.66 |
| $ | 0.63 |
|
9 months ended September 30, 2005 |
|
| 10,017,354 |
|
| 10,667,539 |
| $ | 8,466,266 |
| $ | 0.85 |
| $ | 0.80 |
|
9 months ended September 30, 2004 |
| Basic |
|
|
| Diluted |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Shares Outstanding |
|
| 9,681,437 |
|
|
|
|
| 9,681,437 |
|
|
|
|
|
|
|
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 - 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 on a year-to-date basis .
3
9 months ended September 30, 2005 |
| Basic |
|
|
|
| Diluted |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Shares Outstanding |
|
| 10,017,354 |
|
|
|
|
| 10,017,354 |
|
|
|
|
|
|
|
Options - Plan 2 |
|
|
|
|
| 11,459 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 5.96 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 68,296 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 3,291 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 2 |
|
|
|
|
|
|
|
| 8,168 |
|
|
|
|
|
|
|
Options - Plan 3 |
|
|
|
|
| 177,234 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 8.50 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 1,506,489 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 72,602 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 3 |
|
|
|
|
|
|
|
| 104,632 |
|
|
|
|
|
|
|
Options - Plan 4 |
|
|
|
|
| 444,612 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.36 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 5,495,404 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 264,839 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 4 |
|
|
|
|
|
|
|
| 179,773 |
|
|
|
|
|
|
|
Options - Plan 5 - Omnibus |
|
|
|
|
| 401,755 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.11 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 4,865,253 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 234,470 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Plan 5 |
|
|
|
|
|
|
|
| 167,285 |
|
|
|
|
|
|
|
Options - EFA Non-qualified |
|
|
|
|
| 24,095 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 10.00 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 240,950 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 11,612 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - EFA Non-qualified |
|
|
|
|
|
|
|
| 12,483 |
|
|
|
|
|
|
|
Options - Moneta |
|
|
|
|
| 189,375 |
|
|
|
|
|
|
|
|
|
|
Average Option Price |
|
|
|
| $ | 12.43 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 2,353,931 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 113,442 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Option - Moneta |
|
|
|
|
|
|
|
| 75,933 |
|
|
|
|
|
|
|
Stock Appreciation Rights |
|
|
|
|
| 7,800 |
|
|
|
|
|
|
|
|
|
|
Average Stock Appreciation Rights Price |
|
|
|
| $ | 11.81 |
|
|
|
|
|
|
|
|
|
|
Total Exercise Cost |
|
|
|
| $ | 92,118 |
|
|
|
|
|
|
|
|
|
|
Shares Repurchased |
|
|
|
|
| 4,439 |
|
|
|
|
|
|
|
|
|
|
Net Shares from Stock Appreciation Rights |
|
|
|
|
|
|
|
| 0 |
|
|
|
|
|
|
|
Restricted Share Units |
|
|
|
|
|
|
|
| 101,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Gross Shares |
|
| 10,017,354 |
|
|
|
|
| 10,667,539 |
|
|
|
|
|
|
|
Average Market Price |
|
|
|
| $ | 20.75 |
|
|
|
|
|
|
|
|
|
|
Stock appreciation rights are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan on a year-to-date basis.
4