EXHIBIT 11.1 COMPUTATIONS OF EARNINGS PER SHARE (in thousands except earnings per share) (unaudited) For the three months For the six months ended June 30, ended June 30, -------------- -------------- 1997 1996 1997 1996 ---- ---- ---- ---- Shares used in the computation of earnings per share: Weighted daily average of shares outstanding 4,648,677 4,463,891 4,645,274 4,464,909 Shares used in the computation of primary earnings per shares 4,827,537 4,651,031 4,824,457 4,648,761 =============== =============== ============== ============= Shares used in the computation of fully diluted earnings per share 4,864,959 4,660,819 4,852,174 4,664,660 =============== =============== ============== ============= Net income used in the computation of earnings per common share: Net income $ 1,079 $ 1,704 $ 2,643 $ 3,448 =============== =============== ============== ============= Primary earnings per share $ 0.22 $ 0.37 $ 0.55 $ 0.74 =============== =============== ============== ============= Fully diluted earnings per share $ 0.22 $ 0.37 $ 0.55 $ 0.74 =============== =============== ============== =============