EX-11.1 3 dex111.htm STATEMENT REGARDING COMPUATION OF PER SHARE EARNINGS Statement Regarding Compuation of per share earnings

EXHIBIT 11.1

Statement Regarding Computation of Per Share Earnings


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Computation of Earnings Per Share

The following formula was used to calculate the earnings per share, Consolidated Statements of Income for the three months ended March 31, 2003 and 2002, included in this report as Exhibit 13.3

Earnings Per Share

Net Income /
Weighted average shares of common stock outstanding for the period

 

 

 

Three months ended
March 31,

 

 

 

 

 

 

2003

 

2002

 

 

 

 

 

Weighted Average

 

 

 

 

 

Shares Outstanding

 

1,538,443

 

1,538,443

 

Net Income

 

619,471

 

610,964

 

Per Share Amount

 

.40

 

.40

 

No common stock equivalents exist.


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