EXHIBIT 11 - Statement Re: Computation of Per Share Earnings Year Year Year Ended Ended Ended Dec. 31, 1996 Dec. 31, 1995 Dec. 31, 1994 Weighted Average - ---------------- Average Shares Outstanding 13,254,233 12,967,132 11,830,197 ========== ========== ========== Net income $19,731,623 $18,257,616 $15,715,588 =========== =========== =========== Per share amount $1.49 $1.41 $1.33 ===== ===== ===== Primary (1) - ----------- Average Shares Outstanding 13,254,233 12,967,132 11,830,197 Net effect of dilutive stock options-- based on treasury stock method 27,927 13,025 24,035 ------ ------ ------ Total 13,282,160 12,980,157 11,854,232 ========== ========== ========== Net income $19,731,623 $18,257,616 $15,715,588 =========== =========== =========== Per share amount $1.49 $1.41 $1.33 ===== ===== ===== Fully Diluted (1) - ----------------- Average Shares Outstanding 13,254,233 12,967,132 11,830,197 Net effect of dilutive stock options-- based on treasury stock method 34,682 28,801 34,313 ------ ------ ------ Total 13,288,915 12,995,933 11,864,510 ========== ========== ========== Net income $19,731,623 $18,257,616 $15,715,588 =========== =========== =========== Per share amount $1.48 $1.40 $1.32 ===== ===== ===== (1) In accordance with footnote 2 of paragraph 15 of APB Opinion No. 15, Earnings Per Share, because the reduction is less than 3%, the weighted average shares outstanding were used in the computation of per share earnings. (1)