1 Exhibit 11 Schedule of Computations of Per Share Earnings Three Months Ending March 31, 1997 PRIMARY Net income for primary earnings per common share $ 1,344,667 =========== Weighted average number of common shares outstanding 9,433,799 Add: common share equivalents (determined using the "treasury stock" method) representing shares issuable upon exercise of employee stock options 122,961 Add: common share equivalents (determined using the "treasury stock" method) representing shares issuable upon conversion of limited partnership units 374,775 ----------- Weighted average number of shares used in calculation of primary earnings per share 9,931,535 =========== Primary earnings per share $ 0.14 =========== FULLY DILUTED Net income attributable to common stock $ 1,344,667 Add: minority interests attributed to limited partnership units assuming conversion of such units (estimate) 200,000 ----------- Net income fully diluted earnings per share $ 1,544,667 =========== Weighted average number of shares used in calculation of primary earnings per share 9,931,535 Add incremental shares representing: Shares issuable upon conversion of limited partnership units not in primary earnings per share calculation 2,035,226 Weighted average number of shares used in calculation of fully diluted earnings per share 11,966,761 =========== Fully diluted earnings per share $ 0.13 ===========