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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
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12 months ended December 31, 1997 2,095,359 2,221,211 $2,222,544 $ 1.06 $ 1.00
12 months ended December 31, 1998 2,350,763 2,514,919 $3,010,774 $ 1.28 $ 1.20
12 MONTHS ENDED DECEMBER 31, 1997 Basic Diluted
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Average Shares Outstanding 2,095,359 2,095,359
Options - Plan 1 126,212
Average Option Price $ 5.32
Total Exercise Cost $ 671,448
Shares Repurchased 40,892
Net Shares from Option - Plan 1 85,320
Options - Plan 2 73,702
Average Option Price $ 7.39
Total Exercise Cost $ 544,658
Shares Repurchased 33,170
Net Shares from Option - Plan2 40,532
Options - Plan 3 146,306
Average Option Price $ 16.01
Total Exercise Cost $2,342,359
Shares Repurchased 142,653
Net Shares from Option - Plan 3 -
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Gross Shares 2,095,359 2,221,211
Price $ 16.42
12 MONTHS ENDED DECEMBER 31, 1998 Basic Diluted
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Average Shares Outstanding 2,350,763 2,350,763
Options - Plan 1 43,399
Average Option Price $ 5.90
Total Exercise Cost $ 256,054
Shares Repurchased 9,224
Net Shares from Option - Plan 1 34,175
Options - Plan 2 73,521
Average Option Price $ 7.62
Total Exercise Cost $ 560,230
Shares Repurchased 20,181
Net Shares from Option - Plan 2 53,340
Options - Plan 3 181,223
Average Option Price $ 16.02
Total Exercise Cost $2,903,192
Shares Repurchased 104,582
Net Shares from Option - Plan 3 76,641
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Gross Shares 2,350,763 2,514,919
Price $ 27.76