Exhibit 11.1
Statement Regarding Calculation of Earnings Per Share
| Basic EPS number of shares |
Diluted EPS number of shares |
Net Income |
Basic EPS |
Diluted EPS | ||||||||||
| 3 months ended June 30, 2003 |
9,560,529 | 9,892,558 | $ | 2,598,372 | $ | 0.27 | $ | 0.26 | ||||||
| 3 months ended June 30, 2004 |
9,680,006 | 9,987,261 | $ | 1,986,881 | $ | 0.21 | $ | 0.20 | ||||||
| Basic |
Diluted |
|||||||||||||
| 3 months ended June 30, 2003 |
||||||||||||||
| 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 SAR Price |
$ | 11.87 | ||||||||||||
| Total Exercise Cost |
$ | 780,085 | ||||||||||||
| Shares Repurchased |
57,870 | |||||||||||||
| Net Shares from SARS |
7,849 | |||||||||||||
| Gross Shares |
9,560,529 | 9,892,558 | ||||||||||||
| Price |
$ | 13.48 | ||||||||||||
Moneta options are anti-dilutive due to the impact of adjusting net income for the expense associated with the plan during the quarter and year to date.
| Basic |
Diluted | ||||||
| 3 months ended June 30, 2004 |
|||||||
| Average Shares Outstanding |
9,680,006 | 9,680,006 | |||||
| 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 |
5,428 | ||||||
| Net Shares from Option - Plan 2 |
7,772 | ||||||
| Options - Plan 3 |
329,569 | ||||||
| Average Option Price |
$ | 8.76 | |||||
| Total Exercise Cost |
$ | 2,887,024 | |||||
| Shares Repurchased |
201,890 | ||||||
| Net Shares from Option - Plan 3 |
127,679 | ||||||
| Options - Plan 4 |
560,332 | ||||||
| Average Option Price |
$ | 12.31 | |||||
| Total Exercise Cost |
$ | 6,897,687 | |||||
| Shares Repurchased |
482,356 | ||||||
| Net Shares from Option - Plan 4 |
77,976 | ||||||
| Options - Plan 5 - Omnibus |
457,235 | ||||||
| Average Option Price |
$ | 12.26 | |||||
| Total Exercise Cost |
$ | 5,605,701 | |||||
| Shares Repurchased |
392,007 | ||||||
| Net Shares from Option - Plan 5 |
65,228 | ||||||
| Options - EFA Non-qualified |
89,250 | ||||||
| Average Option Price |
$ | 10.13 | |||||
| Total Exercise Cost |
$ | 904,103 | |||||
| Shares Repurchased |
63,224 | ||||||
| Net Shares from Option - EFA Non-qualified |
26,026 | ||||||
| Options - CGB Qualified |
0 | ||||||
| Average Option Price |
$ | 0.00 | |||||
| Total Exercise Cost |
$ | 0.00 | |||||
| Shares Repurchased |
0 | ||||||
| Net Shares from Option - CGB Qualified |
0 | ||||||
| Options - CGB Non-qualified |
0 | ||||||
| Average Option Price |
$ | 0.00 | |||||
| Total Exercise Cost |
$ | 0.00 | |||||
| Shares Repurchased |
0 | ||||||
| Net Shares from Option - CGB Non-qualified |
0 | ||||||
| Options - Moneta |
186,496 | ||||||
| Average Option Price |
$ | 12.43 | |||||
| Total Exercise Cost |
$ | 2,318,145 | |||||
| Shares Repurchased |
162,108 | ||||||
| Net Shares from Option - Moneta |
0 | ||||||
| Stock Appreciation Rights |
17,607 | ||||||
| Average Stock Appreciation Rights Price |
$ | 12.21 | |||||
| Total Exercise Cost |
$ | 214,981 | |||||
| Shares Repurchased |
15,034 | ||||||
| Net Shares from Stock Appreciation Rights |
2,573 | ||||||
| Gross Shares |
9,680,006 | 9,987,261 | |||||
| Average Market Price |
$ | 14.30 | |||||
| Basic EPS number of shares |
Diluted EPS number of shares |
Net Income |
Basic EPS |
Diluted EPS | ||||||||||
| 6 months ended June 30, 2003 |
9,541,552 | 9,855,507 | $ | 3,733,470 | $ | 0.39 | $ | 0.38 | ||||||
| 6 months ended June 30, 2004 |
9,660,075 | 9,977,520 | $ | 3,513,467 | $ | 0.36 | $ | 0.35 | ||||||
| Basic |
Diluted |
|||||||||||||
| 6 months ended June 30, 2003 |
||||||||||||||
| 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 SAR Price |
$ | 11.96 | ||||||||||||
| Total Exercise Cost |
$ | 806,702 | ||||||||||||
| Shares Repurchased |
60,791 | |||||||||||||
| Net Shares from SARS |
0 | |||||||||||||
| Gross Shares |
9,541,552 | 9,855,507 | ||||||||||||
| Price |
$ | 13.27 | ||||||||||||
| Basic |
Diluted | ||||||
| 6 months ended June 30, 2004 |
|||||||
| Average Shares Outstanding |
9,660,075 | 9,660,075 | |||||
| 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 |
5,580 | ||||||
| Net Shares from Option - Plan 2 |
7,620 | ||||||
| Options - Plan 3 |
347,838 | ||||||
| Average Option Price |
$ | 7.28 | |||||
| Total Exercise Cost |
$ | 2,532,261 | |||||
| Shares Repurchased |
182,046 | ||||||
| Net Shares from Option - Plan 3 |
165,792 | ||||||
| Options - Plan 4 |
558,571 | ||||||
| Average Option Price |
$ | 12.42 | |||||
| Total Exercise Cost |
$ | 6,937,452 | |||||
| Shares Repurchased |
498,738 | ||||||
| Net Shares from Option - Plan 4 |
59,833 | ||||||
| Options - Plan 5 - Omnibus |
457,949 | ||||||
| Average Option Price |
$ | 12.26 | |||||
| Total Exercise Cost |
$ | 5,614,455 | |||||
| Shares Repurchased |
403,627 | ||||||
| Net Shares from Option - Plan 5 |
54,322 | ||||||
| Options - EFA Non-qualified |
89,250 | ||||||
| Average Option Price |
$ | 10.13 | |||||
| Total Exercise Cost |
$ | 904,103 | |||||
| Shares Repurchased |
64,997 | ||||||
| Net Shares from Option - EFA Non-qualified |
24,253 | ||||||
| Options - CGB Qualified |
1,001 | ||||||
| Average Option Price |
$ | 11.67 | |||||
| Total Exercise Cost |
$ | 11,682 | |||||
| Shares Repurchased |
840 | ||||||
| Net Shares from Option - CGB Qualified |
161 | ||||||
| Options - CGB Non-qualified |
0 | ||||||
| Average Option Price |
$ | 0.00 | |||||
| Total Exercise Cost |
$ | 0.00 | |||||
| Shares Repurchased |
0 | ||||||
| Net Shares from Option - CGB Non-qualified |
0 | ||||||
| Options - Moneta |
186,496 | ||||||
| Average Option Price |
$ | 12.43 | |||||
| Total Exercise Cost |
$ | 2,318,145 | |||||
| Shares Repurchased |
166,653 | ||||||
| Net Shares from Option - Moneta |
0 | ||||||
| Stock Appreciation Rights |
38,775 | ||||||
| Average Stock Appreciation Rights Price |
$ | 11.95 | |||||
| Total Exercise Cost |
$ | 463,361 | |||||
| Shares Repurchased |
33,311 | ||||||
| Net Shares from Stock Appreciation Rights |
5,464 | ||||||
| Gross Shares |
9,660,075 | 9,977,520 | |||||
| Average Market Price |
$ | 13.91 | |||||