EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three months Six months
ended September 30 ended September 30
1997 1996 1997 1996
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Calculation of common and
common equivalent shares:
Shares and share equivalent units
outstanding at beginning of
the period 1,607,000 1,586,000 1,590,000 1,585,000
Weighted average number of shares
issued during the period:
Issuance of shares 37,000 32,000 1,000
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Weighted average shares
outstanding 1,644,000 1,586,000 1,622,000 1,586,000
Common equivalent shares if
stock options were exercised 51,000 27,000 53,000 25,000
Contingently issuable share
equivalent units 3,000 1,000
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Average number of common and common
equivalent shares outstanding 1,698,000 1,613,000 1,676,000 1,611,000
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Calculation of earnings per share:
Net income $927,000 $557,000 $1,419,000 $1,029,000
Average number of common and common
equivalent shares outstanding 1,698,000 1,613,000 1,676,000 1,611,000
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Earnings per common and
common equivalent share $.55 $.35 $.85 $.64
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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.