EXHIBIT 11
EARNINGS PER SHARE CALCULATION
For the Three Months For the Six Months
Ended June 30, Ended June 30,
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1997 1996 1997 1996
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Net Income......................................... $ 468,954 $ 423,127 $ 914,307 $ 735,505
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Weighted Average Shares Outstanding................ 2,524,148 2,804,494 2,522,120 2,802,466
Common stock equivalents due to dilutive
effect of stock options.......................... 47,871 -- 48,285 --
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Total weighted average common shares
and equivalents outstanding...................... 2,572,019 2,804,494 2,570,405 2,802,466
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Primary Earnings Per Share......................... $ 0.18 $ 0.15 $ 0.36 $ 0.26
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Weighted Average Shares Outstanding................ 2,524,148 2,804,494 2,522,120 2,802,466
Common stock equivalents due to dilutive effect of
stock options using end of period market value
versus average market value for period when
utilizing the treasury stock method regarding
stock options.................................... 73,972 -- 61,600 --
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Total weighted average common shares
and equivalents outstanding for fully
diluted computation.............................. 2,598,120 2,804,494 2,583,720 2,802,466
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Fully diluted earnings per share................... $ 0.18 $ 0.15 $ 0.35 $ 0.26
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