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EXHIBIT 11
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Exhibit 11. Computation of Fully Diluted Earnings Per Share
Fully
Primary Diluted
Total Number of Options Outstanding
for the three months ended March 31, 1997 300,500 300,500
Average exercise price of outstanding options $4.43 $ 4.43
Total exercise price of average options outstanding $1,332,250 $1,332,250
Average stock price for the three months ended
March 31, 1997 $ 7.09 $ 8.00
Shares repurchased with proceeds of options if exercised 187,906 166,531
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Net effect of outstanding stock options 112,594 133,969
Average shares outstanding
for the three months ended March 31, 1997 1,226,520 1,226,520
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Average shares and common stock equivalents outstanding
for the three months ended March 31, 1997 1,339,114 1,360,489
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Net income
for the three months ended March 31, 1997 $ 124,634 $ 124,634
Net income per share,
for the three months ended March 31, 1997 $ 0.10 $ 0.09
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