EXHIBIT 11
EARNINGS (LOSS) PER SHARE CALCULATION
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
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1997 1996 1997 1996
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Net Income (loss) ...........................................................$ 456,642 $ (481,592) $ 1,370,949 $ 253,914
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Weighted Average Shares Outstanding ......................................... 2,452,443 2,432,507 2,498,661 2,766,472
Common stock equivalents due to dilutive
effect of stock options ................................................... 86,430 -- 60,996 --
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Total weighted average common shares
and equivalents outstanding ............................................... 2,538,873 2,732,507 2,559,657 2,466,472
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Primary Earnings (loss) Per Share ...........................................$ 0.18 $ (0.18) $ 0.54 $ 0.09
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Weighted Average Shares Outstanding ......................................... 2,452,443 2,732,507 2,498,661 2,466,472
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 ............... 98,400 17,588 73,867 17,588
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Total weighted average common shares
and equivalents outstanding for fully
diluted computation ....................................................... 2,550,843 2,750,095 2,572,528 2,784,060
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Fully diluted earnings (loss) per share......................................$ 0.18 $ (0.18) $ 0.53 $ 0.09
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