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 SEPTEMBER 30, 2000 Three Months Nine Months
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<S> <C> <C>
Actual net income (A) $ 1,343,638 $ 6,291,711
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Assumed exercise of stock options and warrants 201,648 214,834
Application of assumed proceeds ($1,334,703 and $1,410,923)
toward repurchase of outstanding common stock at an average
market price of $9.420 and $9.633, respectively. (141,688) (146,468)
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Net additional shares issuable 59,960 68,366
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Adjustment of shares outstanding:
Weighted average common shares outstanding 8,465,309 8,449,861
Net additional shares issuable 59,960 68,366
---------- ----------
Adjusted shares outstanding (B) 8,525,269 8,518,227
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Net income per common share (A) divided by (B) $ 0.16 $ 0.74
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DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED SEPTEMBER 30, 1999 Three Months Nine Months
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<S> <C> <C>
Actual net income (A) $ 2,794,004 $ 8,895,343
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Assumed exercise of stock options and warrants 284,915 280,796
Application of assumed proceeds ($1,983,908 and $1,715,964)
toward repurchase of outstanding common stock at an average
market price of $11.125 and $9.347, respectively. (178,329) (183,584)
---------- ----------
Net additional shares issuable 106,586 97,212
========== ==========
Adjustment of shares outstanding:
Weighted average common shares outstanding 8,420,603 8,380,541
Net additional shares issuable 106,586 97,212
---------- ----------
Adjusted shares outstanding (B) 8,527,189 8,477,753
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Net income per common share (A) divided by (B) $ 0.33 $ 1.05
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</TABLE>
