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EXHIBIT 11 -- STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three Months Ended March 31
1996 1995
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Primary
Average shares outstanding 11,245,078 11,208,008
Net effect of dilutive stock options -
based on the treasury stock
method using average market price 94,534 332,488
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Total 11,339,612 11,540,496
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Net income $ 865,731 $ 539,227
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Per share amount $ 0.08 $ 0.05
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Fully Diluted
Average shares outstanding 11,245,078 11,208,008
Net effect of dilutive stock options -
based on the treasury stock
method using the quarter-end market price,
if higher than average market price 94,534 397,509
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Total 11,339,612 11,605,517
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Net income $ 865,731 $ 539,227
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Per share amount $ 0.08 $ 0.05
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