Exhibit 11- Statement Re Computation of Earnings Per Share
| Three Months Ended |
| September 30,
|
| 2007
| 2006
|
| Basic: |
| Average shares outstanding | 13,529,069
| 13,671,897
|
| Net income | $ 7,317,478
| $ 8,029,834
|
| Per share amount | $0.54
| $0.59
|
| Diluted: |
| Average shares outstanding | 13,529,069 | 13,671,897 |
Net effect of dilutive stock options -
based on the treasury stock method
using average market price |
90,917
|
123,659
|
| Diluted shares | 13,619,986
| 13,795,556
|
| Net income | $ 7,317,478
| $ 8,029,834
|
| Per share amount | $0.54
| $0.58
|
Note: Antidilutive stock options totaling 304,400 shares were not included in the calculation of diluted earnings per share for the three months ended September 30, 2007. Antidilutive stock options totaling 234,450 shares were not included in the calculation of diluted earnings per share for the three months ended September 30, 2006.
| Nine Months Ended |
| September 30,
|
| 2007
| 2006
|
| Basic: |
| Average shares outstanding | 13,583,524
| 13,699,498
|
| Net income | $22,859,517
| $22,750,076
|
| Per share amount | $1.68
| $1.66
|
| Diluted: |
| Average shares outstanding | 13,583,524 | 13,699,498 |
Net effect of dilutive stock options -
based on the treasury stock method
using average market price |
102,043
|
124,861
|
| Diluted shares | 13,685,567
| 13,824,359
|
| Net income | $22,859,517
| $22,750,076
|
| Per share amount | $1.67
| $1.65
|
Note: Antidilutive stock options totaling 299,400 shares were not included in the calculation of diluted earnings per share for the nine months ended September 30, 2007. Antidilutive stock options totaling 234,450 shares were not included in the calculation of diluted earnings per share for the nine months ended September 30, 2006.
