Computation of Earnings per Share Exhibit 11
(Amounts in thousands, except per share data)
Three months ended
December 31,
-------------------
1994 1993
------- -------
PRIMARY:
Weighted average common shares outstanding 2,483 2,483
Common equivalent shares 0 0
------- -------
Weighted average common shares and common
equivalent shares outstanding 2,483 2,483
======= =======
Net income applicable to common shares $161 $80
======= =======
Primary earnings per share $0.06 $0.03
======= =======
FULLY DILUTED:
Weighted average common shares outstanding 2,483 2,483
Common equivalent shares 0 0
Additional shares assuming conversion of
subordinated debentures 682 650
------- -------
Fully diluted weighted average common
shares and common equivalent shares
outstanding 3,165 3,133
======= =======
Net income applicable to diluted common
shares $1,187 $169
======= =======
Fully diluted earnings per share $0.06 $0.05
======= =======
[continued]
Computation of Earnings per Share Exhibit 11
(Amounts in thousands, except per share data)
Twelve months ended
December 31,
-------------------
1994 1993
------- -------
PRIMARY:
Weighted average common shares outstanding 2,483 2,483
Common equivalent shares 6 0
------- -------
Weighted average common shares and common
equivalent shares outstanding 2,489 2,483
======= =======
Net income (loss) applicable
to common shares $827 ($1,576)
======= =======
Primary earnings (loss) per share $0.33 ($0.63)
======= =======
FULLY DILUTED:
Weighted average common shares outstanding 2,483 2,483
Common equivalent shares 6 0
Additional shares assuming conversion of
subordinated debentures 682 650
------- -------
Fully diluted weighted average common
shares and common equivalent shares
outstanding 3,171 3,133
======= =======
Net income (loss) applicable
to diluted common shares $1,187 ($1,217)
======= =======
Fully diluted earnings (loss) per share $0.37 ($0.39)
======= =======
[continued]
Computation of Earnings per Share Exhibit 11
Common shares have been adjusted to give effect to the 5%
stock dividend paid January 27, 1995.
The $4,500,000 8% Convertible Subordinated Notes are
convertible at December 31, 1993, to common shares at a price
of $6.59 per share after giving effect to the stock dividend
paid January 27, 1995.
Earnings per common share and common equivalent share were computed
by dividing the net income by the weighted average number of shares
of common stock and common stock equivalents outstanding during the
period.
Earnings per common share, assuming full dilution, is determined by
assuming that at the beginning of the period convertible notes were
converted at the price per share in effect at that time and common
share options were excercised. As to the convertible notes, net
earnings would be adjusted for the interest net of its tax effect.
As to the options, incremental shares would be calculated using the
treasury stock method, assuming common share purchases at the
greater of the average market price of the common shares for the
period or the ending price of the common shares.