EXHIBIT 11(1) Year Ended December 31, 1995 1994 1993 _________ _________ _________ Primary: Average Shares Outstanding 6,682,887 6,682,887 6,359,711 Net Effect of Dilutive Stock Warrants - Based on the Treasury Stock Method Using Average Market Price -- -- 165,548 --------- --------- --------- Common and Common Equivalent Shares 6,682,887 6,682,887 6,525,259 ========= ========= ========= Fully Diluted: Average Shares Outstanding 6,682,887 6,682,887 6,359,711 Net Effect of Dilutive Stock Warrants - Using Ending Market Price Unless Average Market Price is Higher -- -- 165,548 Common and Common Equivalent Shares 6,682,887 6,682,887 6,525,259 ========= ========= ========= Income before Extraordinary Item $20,980,000 $13,051,000 $7,645,000 Extraordinary Item -- -- (1,716,000) ----------- ----------- ---------- Net Income $20,980,000 $13,051,000 $5,929,000 Less: Preferred Stock Dividends -- -- (868,000) Accretion of Discount on Preferred Stock -- -- (202,000) ----------- ----------- ----------- Net Income Applicable to Common and Common Equivalent Shares $20,980,000 $13,051,000 $4,859,000 =========== =========== ========== Per Share Amount: Income before Extraordinary Item $ 3.14 $ 1.95 $ 1.01 Extraordinary Item $ -- $ -- $ (0.26) ----------- ----------- --------- Net Income $ 3.14 $ 1.95 $ .75 =========== =========== ========= [FN] All per share and weighted average share amounts have been restated for November 17, 1995 twenty-five percent stock dividend.