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
---------- ---------- ---------- ----- -------
3 months ended March 31, 2002 9,298,749 9,577,312 $ 871,358 $0.09 $0.09
3 months ended March 31, 2003 9,520,631 9,825,620 $1,135,098 $0.12 $0.12
3 months ended March 31, 2002 Basic Diluted
--------- ----------
Average Shares Outstanding 9,298,749 9,298,749
Options - Plan 2 142,267
Average Option Price $ 2.67
Total Exercise Cost $ 379,853
Shares Repurchased 35,302
Net Shares from Option - Plan 2 106,965
Options - Plan 3 464,511
Average Option Price $ 6.89
Total Exercise Cost $3,200,481
Shares Repurchased 297,442
Net Shares from Option - Plan 3 167,069
Options - Plan 4 425,336
Average Option Price $ 13.02
Total Exercise Cost $5,537,875
Shares Repurchased 514,672
Net Shares from Option - Plan 4 --
Options - EFA Non-qualified 85,500
Average Option Price $ 10.19
Total Exercise Cost $ 871,245
Shares Repurchased 80,971
Net Shares from Option - EFA Non-qualified 4,529
Options - CGB Qualified 54,102
Average Option Price $ 10.77
Total Exercise Cost $ 582,679
Shares Repurchased 54,152
Net Shares from Option - CGB Qualified 0
Options - CGB Non-Qualified 57,906
Average Option Price $ 10.77
Total Exercise Cost $ 623,648
Shares Repurchased 57,960
Net Shares from Option - CGB Non-Qualified 0
Options-Moneta 187,547
Average Option Price $ 12.44
Total Exercise Cost $2,333,085
Shares Repurchased 216,829
Net Shares from Option-Moneta 0
Stock Appreciation Rights 72,200
Average SAR Price $ 12.20
Total Exercise Cost $ 880,840
Shares Repurchased 81,862
Net Shares from SARS 0
--------- ----------
Gross Shares 9,298,749 9,577,312
Price $ 10.76
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3 months ended March 31, 2003 Basic Diluted
--------- ----------
Average Shares Outstanding 9,520,631 9,520,631
Options - Plan 2 13,200
Average Option Price $ 5.88
Total Exercise Cost $ 77,616
Shares Repurchased 5,948
Net Shares from Option - Plan 2 7,252
Options - Plan 3 404,967
Average Option Price $ 6.89
Total Exercise Cost $2,790,223
Shares Repurchased 213,810
Net Shares from Option - Plan 3 191,157
Options - Plan 4 557,216
Average Option Price $ 12.08
Total Exercise Cost $6,731,169
Shares Repurchased 515,798
Net Shares from Option - Plan 4 41,418
Options - Plan 5 132,905
Average Option Price $ 9.66
Total Exercise Cost $1,283,862
Shares Repurchased 98,380
Net Shares from Option - Plan 5 34,525
Options - EFA Non-qualified 93,250
Average Option Price $ 10.13
Total Exercise Cost $ 944,623
Shares Repurchased 72,385
Net Shares from Option - EFA Non-qualified 20,865
Options - CGB Qualified 29,252
Average Option Price $ 10.27
Total Exercise Cost $ 300,418
Shares Repurchased 23,021
Net Shares from Option - CGB Qualified 6,231
Options - CGB Non-Qualified 22,434
Average Option Price $ 10.99
Total Exercise Cost $ 246,550
Shares Repurchased 18,893
Net Shares from Option - CGB Non-Qualified 3,541
Options-Moneta 186,496
Average Option Price $ 12.43
Total Exercise Cost $2,318,145
Shares Repurchased 177,636
Net Shares from Option-Moneta 0
Stock Appreciation Rights 69,200
Average SAR Price $ 12.05
Total Exercise Cost $ 833,860
Shares Repurchased 63,897
Net Shares from SARS 0
--------- ----------
Gross Shares 9,520,631 9,825,620
Price $ 13.05
Moneta options and Stock Appreciation Rights are antidilutive due to the impact
of adjusting net income for the expense associated with each plan during the
quarter.
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