1 Exhibit 11.1 (COMPUTATION OF EARNINGS PER SHARE) FOR THE NINE MONTH YEAR ENDED PERIOD ENDED DECEMBER 31, 1996 SEPTEMBER 30, 1997 ----------------- ------------------ Net Income $ 6,212,231 $ 6,422,418 =========== =========== Shares: Weighted Average Number of Common Shares and Common Share Equivalents during the period 10,602,547 10,802,499 Common shares and common share equivalents related to SAB No. 83 343,446 659 ----------- ------------ Total Shares used in Pro Forma Weighted Average Common Shares and Equivalents Outstanding<F1> 10,945,993 11,145,949 =========== =========== Pro Forma Earnings per Share $.57 $.58 ==== ==== <FN> <F1> Pro forma earnings per share is computed by dividing net income by the weighted average number of common stock and common stock equivalents considered outstanding. Common stock equivalents are computed using the treasury stock method and for purposes of this calculation only, the assumed initial public offering price of $15 per share was used in applying the treasury stock method. For purposes of the calculation, the Series A & Series B Preferred Stock is considered common stock equivalents. Pursuant to the Securities and Exchange Commission Staff Accounting Bulletin No. 83, shares issued, and stock options and warrants granted by the Company at an exercise price below the assumed public offering price during the twelve-month period preceding the date of the initial filing of the Registration Statement have been included in the calculation of common stock equivalent shares, using the treasury stock method, as if they were outstanding for the periods presented.