EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED
MARCH 31
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1995 1996
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Primary:
Weighted average shares outstanding................................................. 4,221,705 4,443,617
Common Stock Equivalents -- based on the treasury stock method using average market
price.............................................................................. 85,890 163,156
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Totals.............................................................................. 4,307,595 4,606,773
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Net income.......................................................................... $ 403,957 $ 311,211
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Per share amount.................................................................... $ .09 $ .07
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Fully diluted:
Weighted average shares outstanding................................................. 4,221,705 4,443,617
Common Stock Equivalents -- based on the treasury stock method using quarter-end
market price which is greater than average market price............................ 127,968 193,380
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Totals.............................................................................. 4,349,673 4,636,997
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Net income.......................................................................... $ 403,957 $ 311,211
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Per share amount.................................................................... $ .09 $ .07
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