Exhibit 11.1
Statement Regarding Calculation of Earnings Per Share
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
-------------------------------------------------------------------
Three Months ended June 30, 2000 8,963,903 9,674,051 $1,274,566 $0.14 $0.13
Three Months ended June 30, 2001 9,178,233 9,611,136 $1,135,237 $0.12 $0.12
Three Months ended June 30, 2000 Basic Diluted
--------- ----------
Average Shares Outstanding 8,963,903 8,963,903
Options - Plan 1 30,000
Average Option Price $2.33
Total Exercise Cost $69,900
Shares Repurchased 3,925
Net Shares from Option - Plan 1 26,075
Options - Plan 2 207,123
Average Option Price $2.56
Total Exercise Cost $530,235
Shares Repurchased 29,772
Net Shares from Option - Plan 2 177,351
Options - Plan 3 549,023
Average Option Price $6.09
Total Exercise Cost $3,343,550
Shares Repurchased 187,734
Net Shares from Option - Plan 3 361,289
Options - EFA Non-qualified 84,000
Average Option Price $10.06
Total Exercise Cost $845,040
Shares Repurchased 47,448
Net Shares from Option - EFA Non-qualified 36,552
Options - CGB Qualified 171,436
Average Option Price $9.99
Total Exercise Cost $1,712,646
Shares Repurchased 96,167
Net Shares from Option - CGB Qualified 75,274
Options - CGB Non-qualified 83,246
Average Option Price $10.62
Total Exercise Cost $884,073
Shares Repurchased 49,639
Net Shares from Option - CGB Non-qualified 33,607
--------- ----------
Gross Shares 8,963,903 9,674,051
Price $17.81
4
Exhibit 11.1 (continued)
Statement Regarding Calculation of Earnings Per Share
Three months ended June 30, 2001 Basic Diluted
--------- ---------
Average Shares Outstanding 9,178,233 9,178,233
Options - Plan 2 157,585
Average Option Price $2.63
Total Exercise Cost $414,449
Shares Repurchased 32,867
Net Shares from Option - Plan 2 124,718
Options - Plan 3 560,833
Average Option Price $6.60
Total Exercise Cost $3,701,498
Shares Repurchased 293,537
Net Shares from Option - Plan 3 267,296
Options - Plan 4 179,093
Average Option Price $14.96
Total Exercise Cost $2,679,231
Shares Repurchased 212,469
Net Shares from Option - Plan 4 -
Options - EFA Non-qualified 85,500
Average Option Price $10.19
Total Exercise Cost $871,245
Shares Repurchased 69,092
Net Shares from Option - EFA Non-qualified 16,408
Options - CGB Qualified 66,715
Average Option Price $10.25
Total Exercise Cost $683,829
Shares Repurchased 54,229
Net Shares from Option - CGB Qualified 12,486
Options - CGB Non-qualified 73,427
Average Option Price $10.55
Total Exercise Cost $774,655
Shares Repurchased 61,432
Net Shares from Option - CGB Non-qualified 11,995
--------- ---------
Gross Shares 9,178,233 9,611,136
Price $12.61
5
Exhibit 11.1 (continued)
Statement Regarding Calculation of Earnings Per Share
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
---------- ---------- ---------- ----- -------
Six Months ended June 30, 2000 8,954,625 9,675,854 $2,283,759 $0.26 $0.24
Six Months ended June 30, 2001 9,147,928 9,630,369 $2,295,289 $0.25 $0.24
Six Months ended June 30, 2000 Basic Diluted
---------- ----------
Average Shares Outstanding 8,954,625 8,954,625
Options - Plan 1 30,000
Average Option Price $2.33
Total Exercise Cost $69,900
Shares Repurchased 3,901
Net Shares from Option - Plan 1 26,099
Options - Plan 2 209,079
Average Option Price $2.55
Total Exercise Cost $533,151
Shares Repurchased 29,752
Net Shares from Option - Plan 2 179,327
Options - Plan 3 550,854
Average Option Price $5.91
Total Exercise Cost $3,255,547
Shares Repurchased 181,671
Net Shares from Option - Plan 3 369,183
Options - EFA Non-qualified 84,000
Average Option Price $10.06
Total Exercise Cost $845,040
Shares Repurchased 47,156
Net Shares from Option - EFA Non-qualified 36,844
Options - CGB Qualified 171,436
Average Option Price $9.99
Total Exercise Cost $1,712,646
Shares Repurchased 95,572
Net Shares from Option - CGB Qualified 75,864
Options - CGB Non-qualified 83,246
Average Option Price $10.62
Total Exercise Cost $884,073
Shares Repurchased 49,334
Net Shares from Option - CGB Non-qualified 33,912
---------- ----------
Gross Shares 8,954,625 9,675,854
Price $17.92
6
Exhibit 11.1 (continued)
Statement Regarding Calculation of Earnings Per Share
Six months ended June 30, 2001 Basic Diluted
--------- ---------
Average Shares Outstanding 9,147,928 9,147,928
Options - Plan 2 166,078
Average Option Price $2.61
Total Exercise Cost $433,464
Shares Repurchased 31,990
Net Shares from Option - Plan 2 134,088
Options - Plan 3 564,652
Average Option Price $6.58
Total Exercise Cost $3,715,410
Shares Repurchased 274,200
Net Shares from Option - Plan 3 290,452
Options - Plan 4 172,927
Average Option Price $15.00
Total Exercise Cost $2,593,905
Shares Repurchased 191,432
Net Shares from Option - Plan 4 -
Options - EFA Non-qualified 85,500
Average Option Price $10.19
Total Exercise Cost $871,245
Shares Repurchased 64,299
Net Shares from Option - EFA Non-qualified 21,201
Options - CGB Qualified 80,905
Average Option Price $10.17
Total Exercise Cost $822,804
Shares Repurchased 60,724
Net Shares from Option - CGB Qualified 20,181
Options - CGB Non-qualified 75,113
Average Option Price $10.57
Total Exercise Cost $793,944
Shares Repurchased 58,594
Net Shares from Option - CGB Non-qualified 16,519
--------- ---------
Gross Shares 9,147,928 9,630,369
Price $13.55
7