EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three months Nine months
ended September 30, ended September 30,
1995 1994 1995 1994
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Calculation of common and
common equivalent shares:
Shares outstanding at beginning
of the period 1,051,000 1,051,000 1,051,000 1,046,000
Weighted average number of shares
issued during the period:
Issuance of shares 2,000 1,000 4,000
--------- ----------- --------- -----------
Weighted average shares
outstanding 1,053,000 1,051,000 1,052,000 1,050,000
Common equivalent shares if
stock options were exercised --------- ----------- --------- -----------
Average number of common and common
equivalent shares outstanding 1,053,000 1,051,000 1,052,000 1,050,000
========= =========== ========= ===========
Calculation of earnings per share:
Net income (loss) $254,000 ($4,149,000) $136,000 ($4,938,000)
Average number of common and common
equivalent shares outstanding 1,053,000 1,051,000 1,052,000 1,050,000
--------- ----------- --------- -----------
Net income (loss) per common and
common equivalent share $.24 $(3.95) $.13 $(4.70)
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<FN>
Fully diluted earnings per share is equivalent to primary earnings per share as the
period-end market price of common stock does not result in greater dilution.