Exhibit 11- Statement Re Computation of Earnings Per Share
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
2005 | 2004 | 2005 | 2004 | |
Basic: | ||||
Average shares outstanding | 13,714,820 | 13,702,164 | 13,713,526 | 13,701,919 |
Net income | $ 7,146,599 | $ 7,169,560 | $20,563,836 | $20,051,979 |
Per share amount | $0.52 | $0.52 | $1.50 | $1.46 |
Diluted: | ||||
Average shares outstanding | 13,714,820 | 13,702,164 | 13,713,526 | 13,701,919 |
Net effect of dilutive stock options - based on the treasury stock method using average market price | 215,072 | 258,129 | 225,926 | 258,129 |
Diluted shares | 13,929,892 | 13,960,293 | 13,939,452 | 13,960,048 |
Net income | $ 7,146,599 | $ 7,169,560 | $20,563,836 | $20,051,979 |
Per share amount | $0.51 | $0.51 | $1.48 | $1.44 |
Note: Antidilutive stock options totaling 119,863 shares were not included in the calculation of diluted earnings per share for the three months ended September 30, 2005. Antidilutive stock options totaling 117,363 shares were not included in the calculation of diluted earnings per share for the nine months ended September 30, 2005. Antidilutive stock options totaling 109,413 shares were not included in the calculation of diluted earnings per share for the three months ended September 30, 2004. Antidilutive stock options totaling 109,413 shares were not included in the calculation of diluted earnings per share for the nine months ended September 30, 2004.