EXHIBIT (11)----STATEMENT RE: COMPUTATION OF DILUTED EARNINGS PER SHARE
Diluted earnings per share computations assumes the exercise of stock purchase
warrants and options to purchase shares of common stock. The shares assumed
exercised are based on the weighted average number of warrants and options
outstanding during the period and only include those warrants and options whose
average share price during the period exceeds its related exercise price. The
net additional shares issuable are calculated based on the treasury stock
method and are added to the weighted average number of shares outstanding during
the period.
<TABLE>
<CAPTION>
DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED JUNE 30, 2000 Three Months Six Months
------------------------------------------------------------- ---------- ----------
<S> <C> <C>
Actual net income (A) $ 2,820,325 $ 4,948,073
========== ==========
Assumed exercise of stock options and warrants 222,977 221,411
Application of assumed proceeds ($1,469,118 and $1,448,945)
toward repurchase of outstanding common stock at an average
market price of $9.646 and $9.740, respectively. (152,303) (148,762)
---------- ----------
Net additional shares issuable 70,674 72,649
========== ==========
Adjustment of shares outstanding:
Weighted average common shares outstanding 8,443,980 8,442,139
Net additional shares issuable 70,674 72,649
---------- ----------
Adjusted shares outstanding (B) 8,514,654 8,514,788
========== ==========
Net income per common share (A) divided by (B) $ 0.33 $ 0.58
========== ==========
DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED JUNE 30, 1999 Three Months Six Months
------------------------------------------------------------- ---------- ----------
<S> <C> <C>
Actual net income (A) $ 3,293,764 $ 6,101,339
========== ==========
Assumed exercise of stock options and warrants 243,797 261,995
Application of assumed proceeds ($1,406,368 and $1,461,052)
toward repurchase of outstanding common stock at an average
market price of $8.573 and $8.458, respectively. (164,046) (172,742)
---------- ----------
Net additional shares issuable 79,751 89,253
========== ==========
Adjustment of shares outstanding:
Weighted average common shares outstanding 8,377,960 8,360,178
Net additional shares issuable 79,751 89,253
---------- ----------
Adjusted shares outstanding (B) 8,457,711 8,449,431
========== ==========
Net income per common share (A) divided by (B) $ 0.39 $ 0.72
========== ==========
</TABLE>
