EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
June 30 June 30
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1997 1996 1997 1996
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Primary:
Average shares outstanding 9,615,000 9,491,000 9,598,000 9,462,000
Neteffect of dilutive stock options
based on the treasury stock method
using the greater of quarter-end
market price or average market price 273,000 442,000 284,000 414,000
----------- ---------- ---------- --------
Totals 9,888,000 9,933,000 9,882,000 9,876,000
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Net Income $1,160,000 $ 988,000 2,112,000 $1,771,000
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Per share amount $.12 $.10 $.21 $.18
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Fully diluted:
Average shares outstanding 9,615,000 9,491,000 9,598,000 9,462,000
Net effect of dilutive stock options
based on the treasury stock method
using the greater of quarter-end
market price or average market price 320,000 474,000 328,000 498,000
Totals 9,935,000 9,965,000 9,926,000 9,960,000
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Net Income $1,160,000 $988,000 $2,112,000 $1,771,000
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Per share amount $.12 $.10 $.21 $.18
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