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 June 30, 2002 9,399,560 9,575,650 $ 1,449,242 $ 0.15 $ 0.15
3 months ended June 30, 2003 9,560,529 9,892,558 $ 2,598,372 $ 0.27 $ 0.26
3 months ended June 30, 2002 Basic Diluted
------------- ------------
Average Shares Outstanding 9,399,560 9,399,560
Options - Plan 1 0
Average Option Price $ 0.00
Total Exercise Cost $ 0.00
Shares Repurchased 0
Net Shares from Option - Plan 1 0
Options - Plan 2 57,749
Average Option Price $ 3.14
Total Exercise Cost $ 181,332
Shares Repurchased 18,133
Net Shares from Option - Plan 2 39,616
Options - Plan 3 444,540
Average Option Price $ 6.93
Total Exercise Cost $ 3,080,662
Shares Repurchased 308,066
Net Shares from Option - Plan 3 136,474
Options - Plan 4 423,435
Average Option Price $ 12.93
Total Exercise Cost $ 5,475,015
Shares Repurchased 547,501
Net Shares from Option - Plan 4 0
Options - EFA Non-qualified 85,500
Average Option Price $ 10.19
Total Exercise Cost $ 871,245
Shares Repurchased 87,125
Net Shares from Option - EFA Non-qualified 0
Options - CGB Qualified 44,253
Average Option Price $ 10.71
Total Exercise Cost $ 473,950
Shares Repurchased 47,395
Net Shares from Option - CGB Qualified 0
Options - CGB Non-Qualified 32,372
Average Option Price $ 11.04
Total Exercise Cost $ 357,387
Shares Repurchased 35,739
Net Shares from Option - CGB Non-Qualified 0
Options - Moneta 187,678
Average Option Price $ 12.44
Total Exercise Cost $ 2,334,714
Shares Repurchased 233,471
Net Shares from Option - Moneta 0
Stock Appreciation Rights 80,600
Average Stock Appreciation Rights Price $ 11.67
Total Exercise Cost $ 940,602
Shares Repurchased 94,060
Net Shares from Stock Appreciation Rights 0
------------- ------------
Gross Shares 9,399,560 9,575,650
Price $ 10.00
30
3 months ended June 30, 2003 Basic Diluted
------------- ------------
Average Shares Outstanding 9,560,529 9,560,529
Options - Plan 1 0
Average Option Price $ 0.00
Total Exercise Cost $ 0.00
Shares Repurchased 0
Net Shares from Option - Plan 1 0
Options - Plan 2 13,200
Average Option Price $ 5.88
Total Exercise Cost $ 77,616
Shares Repurchased 5,758
Net Shares from Option - Plan 2 7,442
Options - Plan 3 398,800
Average Option Price $ 6.90
Total Exercise Cost $ 2,751,720
Shares Repurchased 204,134
Net Shares from Option - Plan 3 194,667
Options - Plan 4 526,362
Average Option Price $ 12.11
Total Exercise Cost $ 6,374,244
Shares Repurchased 472,867
Net Shares from Option - Plan 4 53,495
Options - Plan 5 - Omnibus 275,423
Average Option Price $ 11.59
Total Exercise Cost $ 3,192,153
Shares Repurchased 236,807
Net Shares from Option - Plan 5 38,616
Options - EFA Non-qualified 89,250
Average Option Price $ 10.13
Total Exercise Cost $ 904,103
Shares Repurchased 67,070
Net Shares from Option - EFA Non-qualified 22,180
Options - CGB Qualified 26,750
Average Option Price $ 10.14
Total Exercise Cost $ 271,245
Shares Repurchased 20,122
Net Shares from Option - CGB Qualified 6,628
Options - CGB Non-Qualified 8,572
Average Option Price $ 11.67
Total Exercise Cost $ 100,035
Shares Repurchased 7,421
Net Shares from Option - CGB Non-Qualified 1,151
Options - Moneta 186,496
Average Option Price $ 12.43
Total Exercise Cost $ 2,318,145
Shares Repurchased 171,969
Net Shares from Option - Moneta 0
Stock Appreciation Rights 65,719
Average Stock Appreciation Rights Price $ 11.87
Total Exercise Cost $ 780,085
Shares Repurchased 57,870
Net Shares from Stock Appreciation Rights 7,849
------------- ------------
Gross Shares 9,560,529 9,892,558
Price $ 13.48
Moneta options are antidilutive due to the impact of adjusting net income for
the expense associated with the plan for the quarter.
31
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
-------------- -------------- -------------- ------------ ------------
6 months ended June 30, 2002 9,349,433 9,576,225 $ 2,320,600 $ 0.25 $ 0.24
6 months ended June 30, 2003 9,541,552 9,855,507 $ 3,733,470 $ 0.39 $ 0.38
6 months ended June 30, 2002 Basic Diluted
-------------- --------------
Average Shares Outstanding 9,349,433 9,349,433
Options - Plan 1 0
Average Option Price $ 0.00
Total Exercise Cost $ 0
Shares Repurchased 0
Net Shares from Option - Plan 1 0
Options - Plan 2 99,775
Average Option Price $ 2.80
Total Exercise Cost $ 279,370
Shares Repurchased 26,914
Net Shares from Option - Plan 2 72,861
Options - Plan 3 454,470
Average Option Price $ 6.90
Total Exercise Cost $ 3,135,843
Shares Repurchased 302,104
Net Shares from Option - Plan 3 152,366
Options - Plan 4 424,380
Average Option Price $ 12.98
Total Exercise Cost $ 5,508,452
Shares Repurchased 530,679
Net Shares from Option - Plan 4 0
Options - EFA Non-qualified 85,500
Average Option Price $ 10.19
Total Exercise Cost $ 871,245
Shares Repurchased 83,935
Net Shares from Option - EFA Non-qualified 1,565
Options - CGB Qualified 49,150
Average Option Price $ 10.71
Total Exercise Cost $ 526,397
Shares Repurchased 50,713
Net Shares from Option - CGB Qualified 0
Options - CGB Non-Qualified 45,069
Average Option Price $ 10.86
Total Exercise Cost $ 489,449
Shares Repurchased 47,153
Net Shares from Option - CGB Non-Qualified 0
Options - Moneta 187,613
Average Option Price $ 12.44
Total Exercise Cost $ 2,333,906
Shares Repurchased 224,846
Net Shares from Option - Moneta 0
Stock Appreciation Rights 72,200
Average Stock Appreciation Rights Price $ 12.20
Total Exercise Cost $ 880,840
Shares Repurchased 84,859
Net Shares from Stock Appreciation Rights 0
-------------- --------------
Gross Shares 9,349,433 9,576,225
Price $ 10.38
32
6 months ended June 30, 2003 Basic Diluted
-------------- --------------
Average Shares Outstanding 9,541,552 9,541,552
Options - Plan 1 0
Average Option Price $ 0.00
Total Exercise Cost $ 0.00
Shares Repurchased 0
Net Shares from Option - Plan 1 0
Options - Plan 2 13,200
Average Option Price $ 5.88
Total Exercise Cost $ 77,616
Shares Repurchased 5,849
Net Shares from Option - Plan 2 7,351
Options - Plan 3 401,866
Average Option Price $ 6.90
Total Exercise Cost $ 2,772,875
Shares Repurchased 208,958
Net Shares from Option - Plan 3 192,908
Options - Plan 4 541,704
Average Option Price $ 12.10
Total Exercise Cost $ 6,554,618
Shares Repurchased 493,943
Net Shares from Option - Plan 4 47,761
Options - Plan 5 - Omnibus 204,558
Average Option Price $ 10.97
Total Exercise Cost $ 2,244,001
Shares Repurchased 169,103
Net Shares from Option - Plan 5 35,455
Options - EFA Non-qualified 91,239
Average Option Price $ 10.13
Total Exercise Cost $ 924,251
Shares Repurchased 69,650
Net Shares from Option - EFA Non-qualified 21,589
Options - CGB Qualified 27,994
Average Option Price $ 10.21
Total Exercise Cost $ 285,819
Shares Repurchased 21,539
Net Shares from Option - CGB Qualified 6,455
Options - CGB Non-Qualified 15,465
Average Option Price $ 11.18
Total Exercise Cost $ 172,899
Shares Repurchased 13,029
Net Shares from Option - CGB Non-Qualified 2,436
Options - Moneta 186,496
Average Option Price $ 12.43
Total Exercise Cost $ 2,318,145
Shares Repurchased 174,691
Net Shares from Option - Moneta 0
Stock Appreciation Rights 67,450
Average Stock Appreciation Rights Price $ 11.96
Total Exercise Cost $ 806,702
Shares Repurchased 60,791
Net Shares from Stock Appreciation Rights 0
-------------- --------------
Gross Shares 9,541,552 9,855,507
Price $ 13.27
</table>
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 six
month period ended June 30, 2003.
33