EXHIBIT 11

 

STATEMENT OF COMPUTATION OF PER SHARE EARNINGS

 

The following computations set forth the calculation of basic and diluted net income per common share and common share equivalents for the years ended December 31, 2003, 2002 and 2001:

 

     Years Ended December 31,

     2003

   2002

   2001

Net income

   $ 78,468,948    $ 71,708,006    $ 69,505,569
    

  

  

Weighted average number of common share outstanding

     79,808,669      78,804,265      78,316,112
    

  

  

Net income per common share - Basic

   $ 0.98    $ 0.91    $ 0.89
    

  

  

 

     Years Ended December 31,

     2003

   2002

   2001

Net income

   $ 78,468,948    $ 71,708,006    $ 69,505,569
    

  

  

Weighted average number of common share outstanding

     79,808,669      78,804,265      78,316,112

Common share equivalents resulting from:

                    

Dilutive stock options

     581,332      742,523      647,170
    

  

  

Adjusted weighted average number of common and common equivalent shares outstanding

     80,390,001      79,546,788      78,963,282
    

  

  

Net income per common share - Diluted

   $ 0.98    $ 0.90    $ 0.88