EXHIBIT 11
STATEMENT RE: COMPUTATION OF
PER SHARE EARNINGS
Primary earnings per common share are computed by dividing net income by the
weighted average number of common shares outstanding and common equivalent
shares with a dilutive effect. Common equivalent shares are shares which may
be issuable upon exercise of outstanding stock options and warrants. Stock
options and warrants were included in earnings per primary common share
computed for both periods presented.
Fully diluted earnings per common share are determined on the assumption that
the weighted average number of common shares and common equivalent shares
outstanding is further increased by the effect of the end of the period market
price on stock options and stock warrants. Stock options and stock warrants
were included in earnings per fully diluted common share computations for 1995
and 1994.
The following table presents information necessary for the computation of
earnings per share, on both primary and fully diluted bases, for the three
months ended March 31, 1995 and 1994.
Three Months Ended
March 31,
------------------------
1995 1994
Average number of common
shares outstanding ...................... 15,073,834 15,143,029
Common share equivalents on
stock options and stock warrants
based on average market price ........... 427,671 580,833
AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING TO COMPUTE PRIMARY
EARNINGS PER SHARE ...................... 15,501,505 15,723,862
Incremental common share equivalent
on stock options and stock warrants
based on end of period market price ..... 6,948 --
AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING TO COMPUTE FULLY
DILUTED EARNINGS PER SHARE .............. 15,508,453 15,723,862