EX-11 3 dex11.htm COMPUTATION OF EARNINGS PER SHARE Computation of earnings per share

 

Exhibit 11

 

The computation of earnings per share for the years ended December 31, 2002, 2001 and 2000 is as follows:

 

    

2002

     

2001

   

2000

Income before change in accounting

   

$

26,505

 

   

$

16,051

   

$

13,931

Cumulative effect of change in accounting

   

 

1,392

 

   

 

—  

   

 

—  

    
  
  

Net income

   

$

25,113

 

   

$

16,051

   

$

13,931

    
  
  

Weighted average shares outstanding

   

 

20,166,933

 

   

 

11,606,392

   

 

11,081,630

Basic earnings per share:

                       

Before cumulative effect of change in accounting

   

$

1.31

 

   

$

1.38

   

$

1.26

Cumulative effect of change in accounting

   

 

(0.06

)

   

 

—  

   

 

—  

    
  
  

After cumulative effect of change in accounting

   

$

1.25

 

   

$

1.38

   

$

1.26

    
  
  

Weighted average shares outstanding

   

 

20,166,933

 

   

 

11,606,392

   

 

11,081,630

Dilutive effect due to stock incentive plans

   

 

611,286

 

   

 

80,117

   

 

19,376

    
  
  

Diluted weighted average shares outstanding

   

 

20,778,219

 

   

 

11,686,509

   

 

11,101,006

Diluted earnings per share:

                       

Before cumulative effect of change in accounting

   

$

1.25

 

   

$

1.37

   

$

1.25

Cumulative effect of change in accounting

   

 

(0.07

)

   

 

—  

   

 

—  

    
  
  

After cumulative effect of change in accounting

   

$

1.21

 

   

$

1.37

   

$

1.25