EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
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1995 1996 1995 1996
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PRIMARY:
Weighted average shares outstanding 4,242,520 4,734,574 4,231,449 4,548,232
Common Stock Equivalents - based on the
treasury stock method using average
market price 261,816 0 176,592 223,980
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Totals 4,504,336 4,734,574 4,408,041 4,772,212
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Net income (loss) available to common
stockholders $ 15,471 $ (239,273) $ 1,197,282 $ 1,562,422
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PRIMARY PER SHARE AMOUNTS:
Income before extraordinary charge
available to common stockholders $ 0.00 $ 0.62 $ 0.27 $ 0.99
Extraordinary charge 0.00 (0.67) 0.00 (0.66)
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Net income (loss) available to
common stockholders $ 0.00 $ (0.05) $ 0.27 $ 0.33
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FULLY DILUTED:
Weighted average shares outstanding 4,242,520 4,734,574 4,231,449 4,548,232
Common Stock Equivalents - based on the
treasury stock method using the greater of
the quarter-end market price or the
average market price 286,515 0 207,546 248,217
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Totals 4,529,035 4,734,574 4,438,995 4,796,449
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Net income (loss) available to
common stockholders $ 15,471 $ (239,273) $ 1,197,282 $ 1,562,422
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FULLY DILUTED PER SHARE AMOUNTS:
Income before extraordinary charge
available to common stockholders $ 0.00 $ 0.62 $ 0.27 $ 0.99
Extraordinary charge 0.00 (0.67) 0.00 (0.66)
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Net income (loss) available to
common stockholders $ 0.00 $ (0.05) $ 0.27 $ 0.33
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