EXHIBIT 11.1
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Computations of Earnings Per Common
Share
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For the Six and Three Months Ended
June 30, 1997 and 1996
Six Months Three Months
Ended June 30 Ended June 30
1997 1996 1996 1997
Primary Earnings
Net income before minority interestin
earnings of consolidated 2,043,273 1,590,510 513,261 813,400
subsidiary
Minority interest in earnings of
consolidated subsidiary (94,391) (100,647) (5,961) (79,025)
------------------- ----------------- -------------------- -------------------
Net income available to Common 1,948,882 1,489,863 507,300 734,375
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Primary Shares
Weighted average number of
Common Shares outstanding 10,471,946 8,529,978 10,561,814 8,547,898
Additional shares assuming
issuance of shares underlying 679,488 552,644 669,737 591,226
options
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Primary Shares 11,151,434 982,622 11,231,551 9,139,124
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Primary Earnings per Common Share
Net income available to Common $0.175 $0.164 $0.045 $0.080
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Fully Diluted Earnings
Net income before minority interest
in earnings of consolidated 2,043,273 1,590,510 513,261 813,400
subsidiary
Minority interest in earnings of (94,391) (100,647) (5,961) (79,025)
consolidated subsidiary
Plus interest expense attributable
to Debentures, net of related income 107,800 396,164 53,258 200,842
taxes
------------------- ----------------- -------------------- -------------------
Net income available to Common 2,056,682 1,886,027 560,558 935,217
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Fully Diluted Shares
Weighted average number of 10,471,946 8,529,978 10,561,814 8,547,898
Common Shares outstanding
Additional shares assuming issuance:
Of shares underlying options 679,488 552,644 669,737 591,226
Of convertible common shares
@ $4.375 per share
underlying:
$6,438,000 from 1/1/97 1,471,543 1,471,543 0
$11,000,000 from 1/1/96 2,514,286 2,514,286
$1,650,000 from 2/7/96 300,471 377,143
Less shares actually issued (390,920) (2,358) (480,788) (4,718)
upon conversions ------------------- ----------------- -------------------- ----------------
Fully Diluted Shares 12,232,057 11,895,021 12,222,305 12,025,835
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Fully Diluted Earnings per Common share
Net income $0.168 $0.159 $0.046 $0.078