EXHIBIT 11.0 - Computation of Earnings Per Share
Three Months Nine Months
Ended Ended
9/30/96 9/30/96
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Net Income $ 107,460 $2,134,905
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Weighted average shares outstanding 2,606,735 2,649,726
Common stock equivalents due to
dilutive effect of stock options 213,186 205,969
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Total weighted average common shares
and equivalents outstanding 2,819,921 2,855,695
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Primary earnings per share $ 0.04 $ 0.75
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Total weighted average common shares
and equivalents outstanding for
primary computation 2,819,921 2,855,695
Additional dilutive shares using the
end of period market value versus
the average market value when
applying the treasury stock method 92 * 7,309 *
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Total weighted average common shares
and equivalents outstanding for
fully diluted computation 2,820,013 2,863,004
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Fully diluted earnings per share $ 0.04 $ 0.75
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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.