Exhibit 11 - Statement re: Computation of Per Share Earnings
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
-------------------------- -------------------------
1997 1996 1997 1996
----------- ----------- ----------- -----------
Primary
Average shares outstanding 2,566,665 2,566,665 2,566,665 2,566,665
Exercise of warrants 88,888 88,888 88,888 88,888
Redemption of shares of series A preferred
stock 150,000 150,000 150,000 150,000
Treasury stock repurchased (141,512) (97,425) (145,455) (127,596)
----------- ----------- ----------- -----------
Total 2,664,041 2,708,128 2,660,098 2,677,957
Fully Diluted
Net effect of dilutive warrants based
upon the treasury stock method
using the average stock prices - - - - - - - - - - - -
----------- ----------- ----------- -----------
Total 2,664,041 2,708,128 2,660,098 2,677,957
=========== =========== =========== ===========
Net Income $ 699,000 $ 417,000 $ 965,000 $ 426,000
=========== =========== =========== ===========
Primary earnings per share $ .26 $ .15 $ .36 $ .16
=========== =========== =========== ===========
Fully diluted earnings per share $ .26 $ .15 $ .36 $ .16
=========== =========== =========== ===========