EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30 September 30
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1997 1996 1997 1996
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Primary:
Average shares outstanding 9,670,000 9,529,000 9,622,000 9,484,000
Net effect of dilutive stock options
based on the treasury
stock method using
the greater of quarter-end
market price or average market price 308,000 396,000 292,000 410,000
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Totals 9,978,000 9,925,000 9,914,000 9,894,000
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Net Income $ 1,458,000 $ 1,261,000 $ 3,570,000 $ 3,032,000
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Per share amount $ .15 $ .13 $ .36 $ .31
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Fully diluted:
Average shares outstanding 9,670,000 9,529,000 9,622,000 9,484,000
Net effect of dilutive stock options
based on the treasury stock method
using the greater of quarter-end
market price or average market price 333,000 396,000 362,000 410,000
Totals 10,003,000 9,925,000 9,984,000 9,894,000
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Net Income $ 1,458,000 $ 1,261,000 $ 3,570,000 $ 3,032,000
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Per share amount $ .15 $ .13 $ .36 $ .31
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