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Exhibit 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Years Ended December 31, | ||||||||||||
2004 | 2003 | 2002 | ||||||||||
Numerator: | ||||||||||||
Net Income | $ | 10,608,373 | $ | 8,208,356 | $ | 7,238,298 | ||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share — weighted average common shares outstanding | 7,025,118 | 7,010,007 | 7,015,929 | |||||||||
Effect of dilutive securities: | ||||||||||||
Convertible preferred stock | 23,607 | — | — | |||||||||
Officer stock option plan | 73,036 | 63,280 | 36,992 | |||||||||
96,643 | 63,280 | 36,992 | ||||||||||
Denominator for diluted earnings per share — weighted average common shares outstanding and assumed conversions | 7,121,761 | 7,073,287 | 7,052,921 | |||||||||
Basic earnings per share | $ | 1.51 | $ | 1.17 | $ | 1.03 | ||||||
Diluted earnings per share | $ | 1.49 | $ | 1.16 | $ | 1.03 | ||||||