1
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, 1998 2,365,112 2,511,307 $703,650 $0.30 $0.28
THREE MONTHS ENDED JUNE 30, 1999 2,379,485 2,561,401 $934,255 $0.39 $0.36
THREE MONTHS ENDED JUNE 30, 1998 Basic Diluted
----------- -----------
Average Shares Outstanding 2,365,112 2,365,112
Options - Plan 1 23,000
Average Option Price $5.85
Total Exercise Cost $134,550
Shares Repurchased 4,870
Net Shares from Option - Plan 1 18,130
Options - Plan 2 73,400
Average Option Price $7.64
Total Exercise Cost $560,776
Shares Repurchased 20,296
Net Shares from Option - Plan 2 53,104
Options - Plan 3 180,100
Average Option Price $16.13
Total Exercise Cost $2,905,013
Shares Repurchased 105,140
Net Shares from Option - Plan 3 74,960
----------- -----------
Gross Shares 2,365,112 2,511,307
Price $27.63
THREE MONTHS ENDED JUNE 30, 1999 Basic Diluted
----------- -----------
Average Shares Outstanding 2,379,485 2,379,485
Options - Plan 1 11,021
Average Option Price $6.82
Total Exercise Cost $75,163
Shares Repurchased 1,863
Net Shares from Option - Plan 1 9,158
Options - Plan 2 72,400
Average Option Price $7.65
Total Exercise Cost $553,860
Shares Repurchased 13,730
Net Shares from Option - Plan 2 58,670
Options - Plan 3 182,650
Average Option Price $16.70
Total Exercise Cost $3,050,255
Shares Repurchased $75,614
Net Shares from Option - Plan 3 107,036
Options - EFA Non-qualified 28,000
Average Option Price $30.18
Total Exercise Cost $845,040
Shares Repurchased $20,948
Net Shares from Option - EFA Non-qualified 7,052
----------- -----------
Gross Shares 2,379,485 2,561,401
Price $40.34
27
2
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, 1998 2,334,939 2,492,880 $1,325,895 $0.57 $0.53
SIX MONTHS ENDED JUNE 30, 1999 2,376,809 2,549,993 $1,672,037 $0.70 $0.66
SIX MONTHS ENDED JUNE 30, 1998 Basic Diluted
----------- ------------
Average Shares Outstanding 2,334,939 2,334,939
Options - Plan 1 52,895
Average Option Price $6.74
Total Exercise Cost $356,512
Shares Repurchased 13,940
Net Shares from Option - Plan 1 38,955
Options - Plan 2 73,643
Average Option Price $7.64
Total Exercise Cost $562,633
Shares Repurchased 22,000
Net Shares from Option - Plan 2 51,643
Options - Plan 3 182,365
Average Option Price $16.13
Total Exercise Cost $2,941,547
Shares Repurchased 115,021
Net Shares from Option - Plan 3 67,344
----------- ------------
Gross Shares 2,334,939 2,492,880
Price $25.57
SIX MONTHS ENDED JUNE 30, 1999 Basic Diluted
----------- ------------
Average Shares Outstanding 2,376,809 2,376,809
Options - Plan 1 13,009
Average Option Price $6.80
Total Exercise Cost $88,461
Shares Repurchased 2,408
Net Shares from Option - Plan 1 10,601
Options - Plan 2 72,698
Average Option Price $7.65
Total Exercise Cost $556,140
Shares Repurchased 15,137
Net Shares from Option - Plan 2 57,561
Options - Plan 3 183,475
Average Option Price $16.71
Total Exercise Cost $3,065,867
Shares Repurchased 83,448
Net Shares from Option - Plan 3 100,027
Options - EFA Non-qualified 27,972
Average Option Price $30.18
Total Exercise Cost $844,195
Shares Repurchased 22,978
Net Shares from Option - EFA Non-qualified 4,994
----------- ------------
Gross Shares 2,376,809 2,549,993
Price $36.74
28