EXHIBIT NO. 11.1 COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
June 30, 1996 June 30, 1996
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Net income $ 1,273 $ 2,214
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Weighted average shares
outstanding 4,063,231 4,061,572
Common stock equivalents due
to dilutive effect of stock
options 60,216 60,216
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Total weighted average
common shares and equivalents
outstanding 4,123,447 4,121,788
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Primary earnings per share $ 0.31 $ 0.54
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Total weighted average
common shares and equivalents
outstanding 4,123,447 4,121,788
Additional dilutive shares
using the end of period market
value versus the average
market value when applying the
treasury stock method 0 0
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Total weighted average common
shares and equivalents
outstanding for fully diluted
computation 4,123,144 4,121,788
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Fully diluted earnings per
share $ 0.31 $ 0.54
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