Exhibit No. 11 Statement re: Computation of Per Share Earnings Year Year Ended Ended December 31, 1998 December 31, 1997 ------------------ ----------------- Net income............................................ $ 4,038,000 $ 4,874,000 Weighted average common shares outstanding............ 2,894,651 3,656,924 Basic Earnings per share.............................. $ 1.39 $ 1.33 Weighted average common shares outstanding............ 2,894,651 3,656,924 Effect of dilution securities stock options........... 300,844 251,667 Total weighted average common shares outstanding for diluted earnings per share computation.............. 3,195,495 3,908,591 Diluted earnings per share............................ $ 1.26 $ 1.25