1
EXHIBIT 11.1
STATEMENT REGARDING CALCULATION OF EARNINGS PER SHARE (1)
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
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812 months ended December 31, 1998 7,052,289 7,544,288 $3,010,774 $0.43 $0.40
12 months ended December 31, 1999 7,135,697 7,704,800 $3,820,185 $0.54 $0.50
12 MONTHS ENDED DECEMBER 31, 1998 Basic Diluted
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Average Shares Outstanding 7,052,289 7,052,289
Options - Plan 1 130,197
Average Option Price $2.00
Total Exercise Cost $260.394
Shares Repurchased 28,141
Net Shares from Option - Plan 1 102,056
Options - Plan 2 220,563
Average Option Price $2.54
Total Exercise Cost $560,230
Shares Repurchased 60,544
Net Shares from Option - Plan 2 160,019
Options - Plan 3 543,669
Average Option Price $5.34
Total Exercise Cost $2,903,192
Shares Repurchased 313,746
Net Shares from Option - Plan 3 229,923
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Gross Shares 7,052,289 7,544,288
Price $9.25
12 MONTHS ENDED DECEMBER 31, 1999 Basic Diluted
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Average Shares Outstanding 7,135,697 7,135,697
Options - Plan 1 34,477
Average Option Price $2.30
Total Exercise Cost $79,297
Shares Repurchased 5,526
Net Shares from Option - Plan 1 28,951
Options - Plan 2 217,521
Average Option Price $2.55
Total Exercise Cost $554,679
Shares Repurchased 38,654
Net Shares from Option - Plan 2 178,867
Options - Plan 3 553,240
Average Option Price $5.63
Total Exercise Cost $3,114,741
Shares Repurchased 217,055
Net Shares from Option - Plan 3 336,185
Options - Plan 4 83,959
Average Option Price $10.06
Total Exercise Cost $844,628
Shares Repurchased 58,859
Net Shares from Option - Plan 4 25,100
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Gross Shares 7,135,697 7,704,800
Price $14.35
(1) Adjusted to give retroactive effect to a 3-for-1 stock split effective
September 29, 1999