EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Year Ended December 31,
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1996 1995 1994
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(In Thousands Except Per Share Data)
SIMPLE:
Shares outstanding at beginning of period 3,430 3,430 3,430
Shares issued upon exercise of stock options 3 - -
Shares issued as grants of restricted stock 13 - -
Additional shares issuable - - -
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Total weighted average shares and common stock
equivalents outstanding 3,446 3,430 3,430
Net income $ 1,963 $ 371 $ 894
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Net income per common share $ 0.57 $ 0.11 $ 0.26
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PRIMARY:
Shares outstanding at beginning of period 3,430 3,430 3,430
Shares issued upon exercise of stock options 3 - -
Shares issued as grants of restricted stock 13 - -
Additional shares issuable 1,869 1,752 1,674
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Total weighted average shares and common stock
equivalents outstanding 5,315 5,182 5,104
Net income $ 1,963 $ 371 $ 894
Interest reduction, net of tax 347 658 744
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Net income available to common shareholders $ 2,310 $ 1,029 $ 1,638
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Net income per common share $ 0.43 $ 0.20 $ 0.32
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FULLY DILUTED:
Shares outstanding at beginning of period 3,430 3,430 3,430
Shares issued upon exercise of stock options 3 - -
Shares issued as grants of restricted stock 13 - -
Additional shares issuable 1,869 1,752 1,674
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Total weighted average shares and common stock
equivalents outstanding 5,315 5,182 5,104
Net income $ 1,963 $ 371 $ 894
Interest reduction, net of tax 174 684 747
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Net income available to common shareholders $ 2,137 $ 1,055 $ 1,641
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Net income per common share $ 0.40 $ 0.20 $ 0.32
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