EX-11.1 2 dex111.htm STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS Statement Regarding Computation of Per Share Earnings

EXHIBIT 11.1

Statement Regarding Computation of Per Share Earnings

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, 2006 and 2005, 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,

     2006    2005

Weighted Average Shares Outstanding

      1,528,443      1,528,443

Net Income

    $ 600,043    $ 545,728

Per Share Amount

    $ 0.39    $ 0.36

No common stock equivalents exist.