Exhibit 11.1
Statement Regarding Calculation of (Losses) Earnings Per Share
Basic Diluted Net
EPS number EPS number Income Basic Diluted
of shares of shares (loss) EPS EPS
------------------------------------------------------------
Twelve Months ended December 31, 1999 8,953,717 9,596,490 $ 3,706,292 $ 0.41 $ 0.39
Twelve Months ended December 31, 2000 8,990,605 9,684,752 $ 5,201,446 $ 0.58 $ 0.54
Twelve Months ended December 31, 2001 9,203,224 9,203,224 $(2,534,691) $(0.28) $(0.28)
Twelve Months ended December 31, 1999 Basic Diluted
--------- -----------
Average Shares Outstanding 8,953,717 8,953,717
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
Option - EFA Non-qualified 83,959
Total Exercise Cost $ 844,628
Average Option Price $ 10.06
Shares Repurchased 58,859
Net Shares from Option - EFA Non-qualified 25,100
Options - CGB Qualified 171,301
Average Option Price $ 9.99
Total Exercise Cost $1,711,297
Shares Repurchased 119,254
Net Shares from Option - CGB-qualified 52,047
Options - CGB Non-qualified 83,187
Average Option Price $ 10.62
Total Exercise Cost $ 883,446
Shares Repurchased 61,564
Net Shares From Option - CGB Non-qualified 21,623
--------- -----------
Gross Shares 8,953,717 9,596,490
Price $ 14.35
105
Twelve Months ended December 31, 2000 Basic Diluted
--------- -----------
Average Shares Outstanding 8,990,605 8,990,605
Options - Plan 1 18,934
Average Option Price $ 2.33
Total Exercise Cost $ 44,116
Shares Repurchased 2,650
Net Shares from Option - Plan 1 16,284
Options - Plan 2 202,861
Average Option Price $ 2.56
Total Exercise Cost $ 519,324
Shares Repurchased 31,191
Net Shares from Option - Plan 2 171,670
Options - Plan 3 553,528
Average Option Price $ 6.11
Total Exercise Cost $3,382,056
Shares Repurchased 203,126
Net Shares from Option - Plan 3 350,402
Options - Plan 4 53,631
Average Option Price $ 15.02
Total Exercise Cost $ 805,538
Shares Repurchased 48,381
Net Shares from Option - Plan 4 5,250
Options - EFA Non-qualified 84,754
Average Option Price $ 10.13
Total Exercise Cost $ 858,558
Shares Repurchased 51,565
Net Shares from Option - EFA Non-qualified 33,189
Options - CGB Qualified 160,652
Average Option Price $ 10.00
Total Exercise Cost $1,606,520
Shares Repurchased 96,488
Net Shares from Option - CGB-qualified 64,164
Options - CGB Non-qualified 82,714
Average Option Price $ 10.62
Total Exercise Cost $ 878,423
Shares Repurchased 52,758
Net Shares From Option - CGB Non-qualified 29,956
Stock Appreciation Rights 87,911
Average SAR price $ 12.25
Total Exercise Cost $1,076,910
Shares Repurchased 64,679
Net Shares from SARS 23,232
--------- ---------
Gross Shares 8,990,605 9,684,752
Price $ 16.65
106
Twelve Months ended December 31, 2001 Basic Diluted
--------- -----------
Average Shares Outstanding 9,203,224 9,203,224
Options - Plan 1 --
Average Option Price $ --
Total Exercise Cost $ --
Shares Repurchased --
Net Shares from Option - Plan 1 --
Options - Plan 2 158,830
Average Option Price $ 2.63
Total Exercise Cost $ 417,723
Shares Repurchased 32,840
Net Shares from Option - Plan 2 --
Options - Plan 3 516,145
Average Option Price $ 6.68
Total Exercise Cost $3,447,849
Shares Repurchased 271,057
Net Shares from Option - Plan 3 --
Options - Plan 4 300,045
Average Option Price $ 13.54
Total Exercise Cost $4,062,609
Shares Repurchased 319,388
Net Shares from Option - Plan 4 --
Options - EFA Non-qualified 85,500
Average Option Price $ 10.19
Total Exercise Cost $ 871,245
Shares Repurchased 68,494
Net Shares from Option - EFA Non-qualified --
Options - CGB Qualified 70,279
Average Option Price $ 10.33
Total Exercise Cost $ 725,982
Shares Repurchased 57,074
Net Shares from Option - CGB-qualified --
Options - CGB Non-qualified 72,732
Average Option Price $ 10.56
Total Exercise Cost $ 768,050
Shares Repurchased 60,381
Net Shares From Option - CGB Non-qualified --
Stock Appreciation Rights 100,604
Average SAR price $ 12.55
Total Exercise Cost $1,262,580
Shares Repurchased 99,259
Net Shares from SARS --
--------- ----------
Gross Shares 9,203,224 9,203,224
Price $ 12.72
107