Exhibit 11
Statement Regarding Computation of Per Share Earnings
The following table is the reconciliation of basic and diluted earnings per share for the three months and six months ended June 30, 2008 and 2007 (dollars in thousands except per share amounts):
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| Three months ended |
| Three months ended |
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| Basic |
| Diluted |
| Basic |
| Diluted |
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Net income |
| $ | 3,674 |
| $ | 3,674 |
| $ | 4,852 |
| $ | 4,852 |
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Weighted average shares outstanding |
| 57,571,596 |
| 57,571,596 |
| 59,749,897 |
| 59,749,897 |
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Effect of dilutive securities |
| — |
| 249,792 |
| — |
| 597,004 |
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Adjusted weighted average shares outstanding |
| 57,571,596 |
| 57,821,388 |
| 59,749,897 |
| 60,346,901 |
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Earnings per share |
| $ | 0.06 |
| $ | 0.06 |
| $ | 0.08 |
| $ | 0.08 |
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|
| Six months ended |
| Six months ended |
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| Basic |
| Diluted |
| Basic |
| Diluted |
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Net income |
| $ | 6,369 |
| $ | 6,369 |
| $ | 9,793 |
| $ | 9,793 |
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Weighted average shares outstanding |
| 57,530,047 |
| 57,530,047 |
| 60,139,899 |
| 60,139,899 |
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Effect of dilutive securities |
| — |
| 262,580 |
| — |
| 622,872 |
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Adjusted weighted average shares outstanding |
| 57,530,047 |
| 57,792,627 |
| 60,139,899 |
| 60,762,771 |
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Earnings per share |
| $ | 0.11 |
| $ | 0.11 |
| $ | 0.16 |
| $ | 0.16 |
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