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(a) Exhibit 11 - COMPUTATION OF EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARES
Three Months Ended Nine Months Ended
September 30, 1996 September 30, 1996
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Primary
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Net income $(1,135,555) $2,743,665
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Weighted average shares outstanding
Average Common shares 5,281,629 5,411,400
Average unallocated ESOP shares (299,008) (311,472)
Common stock equivalents - options
and warrants 100,575 111,724
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Total weighted average shares outstanding
during period 5,083,196 5,211,652
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Earnings per common and common share equivalent - primary $ (.22) $ .31
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Fully Diluted
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Net income $(1,135,555) $2,743,665
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Weighted average shares outstanding
Average common shares 5,281,629 5,411,400
Average unallocated ESOP shares (299,008) (311,472)
Common stock equivalents - options and
warrants 104,580 113,137
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Total weighted average shares outstanding
during period 5,087,201 5,213,065
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Earnings per common and common share equivalent - fully diluted $ (.22) $ .31
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