EXHIBIT 11.01
STATEMENT RE COMPUTATION OF EARNINGS
Earnings per share for the Company was calculated as follows:
THREE-MONTH PERIOD ENDED SEPT. 30,
EARNINGS: 1998 1997
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Net income (in thousands) $722 485
Outstanding common stock at beginning of
quarter 4,933,900 4,000,000
New shares issued 0 0
Basic weighted average number of shares 4,933,900 4,000,000
Options to subscribe for new stock(1) 0 0
Diluted weighted average number of shares 4,933,900 4,000,000
Basic earnings per share 0.15 0.12
Diluted earnings per share 0.15 0.12
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(1) Options to purchase 294,000 shares of common stock of the Company at an
exercise price of $10.00 per share were outstanding on September 30, 1998, but
were excluded from the calculation of diluted earnings per share because the
exercise price was greater than the average market price of the shares.