EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Three months ended Nine months ended
September 30, September 30,
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1997 1996 1997 1996
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NET INCOME (LOSS) $ 525,662 (4,337,061) 1,652,262 (3,779,098)
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PRIMARY
Average shares outstanding 2,974,622 2,983,396 2,971,991 2,983,396
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Net effect of dilutive stock
options -- based on the
treasury stock method using
average market price 219,726 207,855
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TOTAL 3,194,348 2,983,396 3,179,846 2,983,396
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PER SHARE AMOUNT $0.16 ($1.45) $0.52 ($1.27)
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FULLY DILUTED
Average shares outstanding 2,974,622 2,983,396 2,971,991 2,983,396
Net effect of dilutive stock
options--based on the
treasury stock method using the
period-end market price, if it
is dilutive more than 3%. 233,564 213,898
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TOTAL 3,208,186 2,983,396 3,185,889 2,983,396
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PER SHARE AMOUNT $0.16 ($1.45) $0.52 ($1.27)
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Earnings per share are computed based on the weighted-average
number of common and dilutive common equivalent shares (stock
options) outstanding, after giving retroactive effect for any
stock dividends and splits.