EXHIBIT 11

              STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

        Basic earnings per common share of $0.12 for the three months ended
March 31, 2003 were calculated by dividing net income of $350,000 for the period
January 1, 2003 to March 31, 2003 by the weighted-average number of common
shares outstanding of 2,887,799.