from 10-Q
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Exhibit 11.1 <table> <caption> General Acceptance Corporation Statement Re: Computation of Per Share Earnings Exhibit 11.1 Three Months Six Months Ended June 30 Ended June 30 - <s> <c> <c> <c> <c> <c> 1996 1995 1996 1995 (Historical) (Pro Forma) (Historical) (Pro Forma) Primary: Weighted Average Shares Outstanding 6,022,000 5,741,945 6,022,000 5,130,676 Net Effect of Dilutive Stock Options - Based on the Treasury Stock Method Using the Average Market Price --- 42,803 --- 21,402 Adjustment for Shares Required to Pay Undistributed S Corporation Earnings Using the Initial Public Offering Price --- 50,106 --- 250,529 Total Weighted Average Shares 6,022,000 5,834,854 6,022,000 5,402,607 Net Income $ 483,227 $ 1,310,034 $ 706,672 $ 2,195,986 Per Share Amount $ 0.08 $ 0.22 $ 0.12 $ 0.41 ============= ============ ============= ============ Fully Diluted: Weighted Average Shares Outstanding 6,022,000 5,741,945 6,022,000 5,130,676 Net Effect of Dilutive Stock Options - Based on the Treasury Stock Method Using the Period-End Market Price, if Greater Than Average Market Price --- 47,489 --- 23,744 Adjustment for Shares Required to Pay Undistributed S Corporation Earnings Using the Initial Public Offering Price --- 50,106 --- 250,529 Total Weighted Average Shares Outstanding 6,022,000 5,839,540 6,022,000 5,404,949 Net Income $ 483,227 $ 1,310,034 $ 706,672 $ 2,195,986 Per Share Amount $ 0.08 $ 0.22 $ 0.12 $ 0.41 ============= ============ ============= ============ </Table>
