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EXHIBIT 11
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STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
------------------------------------------------------------------------------------
3 months ended September 30, 1997 2,127,385 2,250,472 $604,991 $0.28 $0.27
3 months ended September 30, 1998 2,365,200 2,518,033 $776,920 $0.33 $0.31
3 MONTHS ENDED SEPTEMBER 30, 1997 Basic Diluted
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Average Shares Outstanding 2,127,385 2,127,385
Options - Plan 1 128,587
Average Option Price $ 5.31
Total Exercise Cost $ 682,797
Shares Repurchased 44,051
Net Shares from Option - Plan 1 84,536
Options - Plan 2 74,600
Average Option Price $ 7.49
Total Exercise Cost $ 558,754
Shares Repurchased 36,049
Net Shares from Option - Plan2 38,551
Options - Plan 3 196,389
Average Option Price $ 16.01
Total Exercise Cost $3,144,188
Shares Repurchased 202,851
Net Shares from Option - Plan 3 0
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Gross Shares 2,127,385 2,250,472
Price $ 15.50
3 MONTHS ENDED SEPTEMBER 30, 1998 Basic Diluted
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Average Shares Outstanding 2,365,200 2,365,200
Options - Plan 1 23,000
Average Option Price $ 6.74
Total Exercise Cost $ 155,020
Shares Repurchased 5,305
Net Shares from Option - Plan 1 17,695
Options - Plan 2 73,400
Average Option Price $ 7.64
Total Exercise Cost $ 560,776
Shares Repurchased 19,192
Net Shares from Option - Plan 2 54,208
Options - Plan 3 182,185
Average Option Price $ 16.24
Total Exercise Cost $2,958,684
Shares Repurchased 101,255
Net Shares from Option - Plan 3 80,930
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Gross Shares 2,365,200 2,518,033
Price $ 29.22
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EXHIBIT 11 (CONTINUED)
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
Basic Diluted
EPS number EPS number Net Basic Diluted
of shares of shares Income EPS EPS
------------------------------------------------------------------------------------
9 months ended September 30, 1997 2,044,051 2,173,205 $1,608,439 $0.79 $0.74
9 months ended September 30, 1998 2,345,137 2,510,436 $2,102,815 $0.90 $0.84
9 MONTHS ENDED SEPTEMBER 30, 1997 Basic Diluted
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Average Shares Outstanding 2,044,051 2,044,051
Options - Plan 1 137,480
Average Option Price $ 5.29
Total Exercise Cost $ 727,269
Shares Repurchased 46,921
Net Shares from Option - Plan 1 90,559
Options - Plan 2 73,400
Average Option Price $ 7.35
Total Exercise Cost $ 539,490
Shares Repurchased 34,806
Net Shares from Option - Plan2 38,594
Options - Plan 3 129,281
Average Option Price $ 16.01
Total Exercise Cost $2,069,789
Shares Repurchased 133,535
Net Shares from Option - Plan 3 0
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Gross Shares 2,044,051 2,173,205
Price $ 15.50
9 MONTHS ENDED SEPTEMBER 30, 1998 Basic Diluted
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Average Shares Outstanding 2,345,137 2,345,137
Options - Plan 1 50,733
Average Option Price $ 5.79
Total Exercise Cost $ 293,744
Shares Repurchased 10,961
Net Shares from Option - Plan 1 39,772
Options - Plan 2 73,561
Average Option Price $ 7.61
Total Exercise Cost $ 559,799
Shares Repurchased 20,888
Net Shares from Option - Plan 2 52,673
Options - Plan 3 182,304
Average Option Price $ 16.09
Total Exercise Cost $2,933,271
Shares Repurchased 109,450
Net Shares from Option - Plan 3 72,854
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Gross Shares 2,345,137 2,510,436
Price $ 26.80
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