1
EXHIBIT 11.1
STATEMENT REGARDING CALCULATION OF EARNINGS PER SHARE <F1>
Basic Diluted
EPS number EPS number Net Basic
Diluted
of shares of shares Income EPS
EPS
---------------------------------------------------------
- -------
THREE MONTHS ENDED SEPTEMBER 30, 1998 7,095,600 7,554,098 $776,920 $0.11
$0.10
THREE MONTHS ENDED SEPTEMBER 30, 1999 7,140,636 7,718,737 $1,035,328 $0.14
$0.13
THREE MONTHS ENDED SEPTEMBER 30, 1998 Basic Diluted
--------- ----------
Average Shares Outstanding 7,095,600 7,095,600
Options - Plan 1 69,000
Average Option Price $2.25
Total Exercise Cost $155,020
Shares Repurchased 15,916
Net Shares from Option - Plan 1 53,084
Options - Plan 2 220,200
Average Option Price $2.55
Total Exercise Cost $560,776
Shares Repurchased 57,575
Net Shares from Option - Plan 2 162,625
Options - Plan 3 546,555
Average Option Price $5.41
Total Exercise Cost $2,958,684
Shares Repurchased 303,766
Net Shares from Option - Plan 3 242,789
--------- ----------
Gross Shares 7,095,600 7,554,098
Price $9.74
THREE MONTHS ENDED SEPTEMBER 30, 1999 Basic Diluted
--------- ----------
Average Shares Outstanding 7,140,636 7,140,636
Options - Plan 1 30,000
Average Option Price $2.33
Total Exercise Cost $69,900
Shares Repurchased 4,663
Net Shares from Option - Plan 1 25,337
Options - Plan 2 217,200
Average Option Price $2.55
Total Exercise Cost $553,860
Shares Repurchased 36,949
Net Shares from Option - Plan 2 180,251
Options - Plan 3 555,300
Average Option Price $5.68
Total Exercise Cost $3,154,104
Shares Repurchased 210,414
Net Shares from Option - Plan 3 344,886
Options - EFA Non-qualified 84,000
Average Option Price $10.06
Total Exercise Cost $845,040
Shares Repurchased 56,374
Net Shares from Option - EFA Non-qualified 27,626
--------- ----------
Gross Shares 7,140,636 7,718,737
Price $14.99
<FN>
<F1> Adjusted to give retroactive effect to a 3-for-1 stock split effective
September 29, 1999
25
2
EXHIBIT 11.1 (CONTINUED)
STATEMENT REGARDING CALCULATION OF EARNINGS PER SHARE <F1>
Basic Diluted
EPS number EPS number Net Basic
Diluted
of shares of shares Income EPS
EPS
---------------------------------------------------------
- -------
NINE MONTHS ENDED SEPTEMBER 30, 1998 7,035,411 7,531,308 $2,102,815 $0.30
$0.28
NINE MONTHS ENDED SEPTEMBER 30, 1999 7,133,868 7,675,931 $2,707,365 $0.38
$0.35
NINE MONTHS ENDED SEPTEMBER 30, 1998 Basic Diluted
--------- ----------
Average Shares Outstanding 7,035,411 7,035,411
Options - Plan 1 152,199
Average Option Price $1.93
Total Exercise Cost $293,744
Shares Repurchased 32,882
Net Shares from Option - Plan 1 119,317
Options - Plan 2 220,683
Average Option Price $2.54
Total Exercise Cost $559,799
Shares Repurchased 62,664
Net Shares from Option - Plan 2 158,019
Options - Plan 3 546,912
Average Option Price $5.36
Total Exercise Cost $2,933,271
Shares Repurchased 328,351
Net Shares from Option - Plan 3 218,561
--------- ----------
Gross Shares 7,035,411 7,531,308
Price $8.93
NINE MONTHS ENDED SEPTEMBER 30, 1999 Basic Diluted
--------- ----------
Average Shares Outstanding 7,133,868 7,133,868
Options - Plan 1 35,985
Average Option Price $2.29
Total Exercise Cost $82,406
Shares Repurchased 6,257
Net Shares from Option - Plan 1 29,728
Options - Plan 2 217,793
Average Option Price $2.55
Total Exercise Cost $555,372
Shares Repurchased 42,169
Net Shares from Option - Plan 2 175,624
Options - Plan 3 552,040
Average Option Price $5.61
Total Exercise Cost $3,096,944
Shares Repurchased 235,151
Net Shares from Option - Plan 3 316,889
Options-EFA Non-qualified 83,945
Average Option Price $10.06
Total Exercise Cost $844,487
Shares Repurchased 64,122
Net Shares from Option-EFA Non-qualified 19,823
--------- ----------
Gross Shares 7,133,868 7,675,931
Price $13.17
<FN>
<F1> Adjusted to give retroactive effect to a 3-for-1 stock split effective
September 29, 1999
26