Exhibit (11) - Statement Re: Computation of Earnings Per Share Three Months Ended March 31 1997 1996 ------------------------ Primary: Average shares outstanding ..................... 5,739,134 5,800,779 Net effect of dilutive stock options- based on the Treasury/Stock method using average market price ........... 330,639 16,555 Assumed issuance under existing Contingent Value Rights agreement ......... 106,400 916,622 ---------- ---------- Totals ............................................. 6,176,173 6,733,956 Net income ......................................... $1,362,334 $ 507,461 Per share amount ................................... $ .22 $ .08 Fully diluted: Average shares outstanding ..................... 5,739,134 5,800,779 Net effect of dilutive stock options- based on the Treasury Stock Method using qtr.-end market price ................. 274,857 16,555 Assumed conversion of 8% convertible preferred stock ................. 508,233 508,233 Assumed issuance under existing Contingent Value Rights agreement ........... 106,400 916,622 ---------- ---------- Totals ............................................. 6,628,624 7,242,189 Net income ......................................... $1,453,816 $ 598,943 Per share amount ................................... $ .22 $ .08 15