EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
1997 1996
Primary Earnings per Share
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Net income applicable to common stock $ 519,338 $ 405,719
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Weighted average number of common shares
outstanding 826,808 819,198
Common shares issuable under employee stock
option plan 74,639 51,139
Less shares assumed repurchased with proceeds 35,270 30,283
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Weighted average common shares and common
share equivalents outstanding 866,177 840,054
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Primary earnings per common share $ 0.60 $ 0.48
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Fully Diluted Earnings Per Share
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Net income applicable to common stock $ 519,338 $ 405,719
Interest on convertible subordinated debentures,
net of tax 173,205 159,719
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Net income, adjusted $ 692,543 $ 565,438
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Weighted average common share and common
share equivalents outstanding 866,177 840,054
Weighted average common shares issuable with
the conversion of debentures to common stock 556,941 560,182
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Weighted average common shares and common
share equivalents 1,423,118 1,400,236
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Fully diluted earnings per common share $ 0.49 $ 0.40
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