EX-11 3 dex11.htm COMPUTATION OF PER SHARE EARNINGS Computation of Per Share Earnings

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, 2002, 2001 and 2000:

 

 

 

Years Ended December 31,

 

 

 

 

 

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

71,708,006

 

$

69,505,569

 

$

66,820,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common share outstanding

 

78,804,265

 

78,316,112

 

78,336,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - Basic

 

$

0.91

 

$

0.89

 

$

0.85

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

71,708,006

 

$

69,505,569

 

$

66,820,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common share outstanding

 

78,804,265

 

78,316,112

 

78,336,204

 

 

 

 

 

 

 

 

 

Common share equivalents resulting from:
Dilutive stock options

 

742,523

 

647,170

 

478,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted weighted average number of common and common equivalent shares outstanding

 

79,546,788

 

78,963,282

 

78,814,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - Diluted

 

$

0.90

 

$

0.88

 

$

0.85