EXHIBIT 11.1
Statement Regarding Computation of Per Share Earnings
Computation of Earnings Per Share
The following formula was used to calculate the earnings per share, Consolidated Statements of Income for the three and nine months ended September 30, 2004 and 2003, included in this report as Exhibit 13.3. Earnings Per Share
Net Income / Weighted average shares of common stock outstanding for the period
| Three months ended September 30, | ||||||
| 2004 | 2003 | |||||
Weighted Average Shares Outstanding | 1,528,443 | 1,538,443 | ||||
Net Income | $ | 707,973 | $ | 608,923 | ||
Per Share Amount | $ | 0.46 | $ | 0.40 | ||
Nine months ended September 30, | ||||||
| 2004 | 2003 | |||||
Weighted Average Shares Outstanding | 1,528,443 | 1,538,443 | ||||
Net Income | $ | 1,992,292 | $ | 1,919,123 | ||
Per Share Amount | $ | 1.30 | $ | 1.25 | ||
No common stock equivalents exist.
