EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 1997
THREE NINE
MONTHS MONTHS
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Primary
Average share outstanding 886,106 884,507
Net effect of dilutive stock options-based on the treasury stock
method using average market price 20,834 20,834
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Total 906,940 891,451
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Net income $ 142,752 $ 340,442
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Per share amount $ 0.16 $ 0.38
Fully Diluted
Average shares outstanding 886,106 884,507
Net effect of dilutive stock options-based on the treasury stock
method using the period-end market price, if higher than
average market price 20,834 20,834
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Total 906,940 891,451
=========== ===========
Net income $ 142,752 $ 340,442
=========== ===========
Per share amount $ 0.16 $ 0.38
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