EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: For the Three Months For the Nine Months Ended September 30, Ended September 30, 1998 1997 1998 1997 ---- ---- ---- ---- Numerator: Net income $ 3,760,000 $3,485,000 $10,172,000 $ 9,489,000 ================== =================== ================== ================= Denominator: Denominator for basic earnings per share-- weighted average shares outstanding 6,699,977 6,071,327 6,626,780 6,069,669 Effect of dilutive securities: Employee stock options 76,268 18,661 57,683 16,691 Contingent stock - acquisition 2,646 - 2,224 - ------------------ ------------------- ------------------ ----------------- Dilutive potential common shares 78,914 18,661 59,907 16,691 ------------------ ------------------- ------------------ ----------------- Denominator for diluted earnings per share-- Adjusted weighted-average shares and assumed conversions 6,778,891 6,089,988 6,686,687 6,086,360 ================== =================== ================== ================= Basic earnings per share $ 0.56 $ 0.57 $ 1.53 $ 1.56 ================== =================== ================== ================= Diluted earnings per share $ 0.56 $ 0.57 $ 1.52 $ 1.56 ================== =================== ================== =================