EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
March 31
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1997 1996
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Primary:
Average shares outstanding 9,581,000 9,433,000
Net effect of dilutive stock options
based on the treasury stock method using
the greater of quarter-end market price or
average market price 296,000 323,000
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Totals 9,877,000 9,756,000
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Net Income $952,000 $782,000
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Per share amount $.10 $.08
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Fully diluted:
Average shares outstanding 9,581,000 9,433,000
Net effect of dilutive stock options
based on the treasury stock method using
the greater of quarter-end market price
or average market price 296,000 323,000
Share issued upon conversion of
convertible debentures 120,000 --
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Totals 9,997,000 9,756,000
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Net Income, as reported $952,000 $782,000
Interest expense, net of related
tax benefit 18,000 --
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Net Income, adjusted $970,000 $782,000
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Per share amount $.10 $.08
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