EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
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1995 1996 1995 1996
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PRIMARY:
Weighted average shares outstanding 4,229,894 4,464,459 4,249,299 4,454,038
Common Stock Equivalents - based on the
treasury stock method using average
market price 182,101 243,105 133,964 202,653
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Totals 4,411,995 4,707,564 4,383,263 4,656,691
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Net income $ 777,854 $ 1,490,484 $1,181,811 $1,801,695
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Per share amount $ 0.18 $ 0.32 $ 0.27 $ 0.39
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FULLY DILUTED:
Weighted average shares outstanding 4,229,894 4,464,459 4,249,299 4,454,038
Common Stock Equivalents - based on the
treasury stock method using quarter-end
market price which is greater than
average market price 222,995 285,658 168,063 239,008
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Totals 4,452,889 4,750,117 4,417,362 4,693,046
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Net income $ 777,854 $1,490,484 $1,181,811 $1,801,695
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Per share amount $ 0.17 $ 0.31 $ 0.27 $ 0.38
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