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EXHIBIT 11
2001 2000 1999 1998 1997
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Weighted average number of
shares outstanding 3,463,895 3,495,221 3,492,501 4,262,686 4,369,727
Add common stock
equivalents 62,619 17,303 19,607 22,536 14,222
---------- ---------- ---------- ---------- -------------
Adjusted weighted average
shares outstanding 3,526,514 3,512,524 3,512,108 4,285,222 4,383,949
========== ========== ========== ========== =============
Net Income: $ 251,000 $2,010,000 $2,493,000 $2,038,000 $ 1,639,000
========== ========== ========== ========== =============
Earnings per share:
and fully diluted: Basic $ .07 $ .57 $ .71 $ .48 $ .37
Diluted $ .07 $ .57 $ .71 $ .48 $ .37
========== ========== ========== =============
Earnings per common and common equivalent shares are based upon
the weighted average number of shares of common stock and common stock
equivalents outstanding during the respective periods. Stock options have
been considered to be the equivalent of common stock. Shares issuable
upon exercise of stock options, to the extent appropriate, have been
added to the average common shares actually outstanding for purposes of
this computation, and shares assumed to be purchased at the average
market price during the respective periods, with proceeds from the
exercise of such options, have been deducted from the average shares
outstanding.
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