Exhibit 11- Statement Re Computation of Earnings Per Share
Three Months Ended | ||
June 30, | ||
2006 | 2005 | |
Basic: | ||
Average shares outstanding | 13,712,416 | 13,701,903 |
Net income | $ 7,524,050 | $10,293,228 |
Per share amount | $0.55 | $0.75 |
Diluted: | ||
Average shares outstanding | 13,712,416 | 13,701,903 |
Net effect of dilutive stock options - based on the treasury stock method using average market price | 154,922 | 234,486 |
Diluted shares | 13,867,338 | 13,936,389 |
Net income | $ 7,524,050 | $10,293,228 |
Per share amount | $0.54 | $0.74 |
Note: Antidilutive stock options totaling 158,376 shares were not included in the calculation of diluted earnings per share for the three months ended June 30, 2006. Antidilutive stock options totaling 121,813 shares were not included in the calculation of diluted earnings per share for the three months ended June 30, 2005.
Six Months Ended | ||
June 30, | ||
2006 | 2005 | |
Basic: | ||
Average shares outstanding | 13,692,242 | 13,703,836 |
Net income | $14,720,242 | $13,675,619 |
Per share amount | $1.08 | $1.00 |
Diluted: | ||
Average shares outstanding | 13,692,242 | 13,703,836 |
Net effect of dilutive stock options - based on the treasury stock method using average market price | 154,922 | 244,311 |
Diluted shares | 13,847,164 | 13,948,147 |
Net income | $14,720,242 | $13,675,619 |
Per share amount | $1.06 | $0.98 |
Note: Antidilutive stock options totaling 158,376 shares were not included in the calculation of diluted earnings per share for the six months ended June 30, 2006. Antidilutive stock options totaling 13,400 shares were not included in the calculation of diluted earnings per share for the six months ended June 30, 2005.