EXHIBIT 11.0 - Computation of Earnings Per Share
Three Months Six Months
Ended Ended
6/30/96 6/30/96
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Net Income $1,058,210 $2,027,445
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Weighted average shares outstanding 2,650,737 2,671,458
Common stock equivalents due to
dilutive effect of stock options 207,647 202,921
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Total weighted average common shares
and equivalents outstanding 2,858,384 2,874,379
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Primary earnings per share $ 0.37 $ 0.71
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Total weighted average common shares
and equivalents outstanding for
primary computation 2,858,384 2,874,379
Additional dilutive shares using the
end of period market value versus
the average market value when
applying the treasury stock method 6,075 * 10,801 *
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Total weighted average comon shares
and equivalents outstanding for
fully diluted computation 2,864,459 2,885,180
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Fully diluted earnings per share $ 0.37 $ 0.70
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*If average share price is greater than ending price, the average price for
both primary and fully diluted is used for the calculation.