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STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
EXHIBIT NO. 11.0
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NO. 11.0 STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Year Ended
December 31, 1996
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Net income $2,628,000
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Weighted average shares outstanding 2,751,498
Common stock equivalents due to dilutive 121,360
effect on stock options ----------
Total weighted average common shares 2,872,858
and equivalents outstanding ==========
Primary earnings per share $ 0.91
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Total weighted average common shares 2,872,858
and equivalents outstanding
Additional dilutive shares using the end of period
market value versus the average market value
when applying the treasury stock method 254
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Total weighted average common shares and
equivalents outstanding for fully diluted
computation 2,873,112
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Fully diluted earnings per share $ 0.91
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* Note: If average share price is greater than ending price, use average price
for both primary and fully diluted calculation.