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, 1999 8,962,179 $9,569,497 $1,054,058 $0.12 $0.11 THREE MONTHS ENDED JUNE 30, 2000 8,963,903 9,674,051 $1,274,566 $0.14 $0.13 THREE MONTHS ENDED JUNE 30, 1999 Basic Diluted --------- ---------- Average Shares Outstanding 8,962,179 8,962,179 Options - Plan 1 33,063 Average Option Price $ 2.27 Total Exercise Cost $ 75,163 Shares Repurchased 5,590 Net Shares from Option - Plan 1 27,473 Options - Plan 2 217,200 Average Option Price $ 2.55 Total Exercise Cost $ 553,860 Shares Repurchased 41,189 Net Shares from Option - Plan 2 176,011 Options - Plan 3 547,950 Average Option Price $ 5.57 Total Exercise Cost $3,050,255 Shares Repurchased 226,841 Net Shares from Option - Plan 3 321,109 Options - EFA Non-qualified 84,000 Average Option Price $ 10.06 Total Exercise Cost $ 845,040 Shares Repurchased $ 62,844 Net Shares from Option-EFA Non-qualified 21,156 Options-CGB Qualified 171,436 Average Option Price $ 9.99 Total Exercise Cost $1,712,646 Shares Repurchased $ 127,366 Net Shares from Option -CGB Qualified 44,070 Options - CGB Non-qualified 83,246 Average Option Price $ 10.62 Total Exercise Cost $ 884,073 Shares Repurchased $ 65,747 Net Shares from Option - CGB Non-qualified 17,499 --------- ---------- Gross Shares 8,962,179 9,569,497 Price $ 13.45 25 2 EXHIBIT 11.1 (CONTINUED) STATEMENT REGARDING CALCULATION OF EARNINGS PER SHARE 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 $ 96,162 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 26 3 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, 1999 8,952,571 9,514,770 $1,959,433 $0.22 $0.21 SIX MONTHS ENDED JUNE 30, 2000 8,954,625 9,675,854 $2,283,759 $0.26 $0.24 SIX MONTHS ENDED JUNE 30, 1999 Basic Diluted --------- --------- Average Shares Outstanding 8,952,571 8,952,571 Options - Plan 1 39,027 Average Option Price $ 2.27 Total Exercise Cost $ 88,461 Shares Repurchased 7,223 Net Shares from Option - Plan 1 31,804 Options - Plan 2 218,094 Average Option Price $ 2.55 Total Exercise Cost $ 556,140 Shares Repurchased 45,412 Net Shares from Option - Plan 2 172,682 Options - Plan 3 550,425 Average Option Price $ 5.57 Total Exercise Cost $3,065,867 Shares Repurchased 250,343 Net Shares from Option - Plan 3 300,082 Options-EFA Non-qualified 83,916 Average Option Price $ 10.06 Total Exercise Cost $ 844,195 Shares Repurchased 68,933 Net Shares from Option - EFA Non-qualified 14,983 Options-CGB Qualified 171,436 Average Option Price $ 9.99 Total Exercise Cost $1,712,646 Shares Repurchased $ 139,846 Net Shares from Option-CGB Qualified 31,590 Options - CGB Non-qualified 83,246 Average Option Price $ 10.62 Total Exercise Cost $ 884,073 Shares Repurchased $ 72,189 Net Shares from Option - CGB Non-qualified 11,057 --------- --------- Gross Shares 8,952,571 9,514,770 Price $ 12.25 27 4 EXHIBIT 11.1 (CONTINUED) STATEMENT REGARDING CALCULATION OF EARNINGS PER SHARE 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 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 28