EXHIBIT 11 Exhibit No. 11 Statement re: Computation of Per Share Earnings Year Year Ended Ended December 31, 1996 December 31, 1995 ----------------- ------------------ Net income ........................................ $3,479,000 $3,871,000 Weighted average common shares outstanding ........ 4,066,615 4,600,775 Common stock equivalents due to dilutive effect of stock options ......................... 101,221 65,299 Total weighted average common shares and equivalents outstanding ......................... 4,167,836 4,666,074 Primary earnings per share ........................ $ 0.83 $ 0.83 Total weighted average common shares and equivalents outstanding ..................... 4,167,836 4,666,074 Additional dilutive shares using the higher of the end of period market value or average market value for the period when utilizing the treasury stock method regarding stock options ............ 11,788 11,341 Total outstanding shares for fully diluted earnings per share computation ........................... 4,179,624 4,677,415 Fully diluted earnings per share .................. $ 0.83 $ 0.83