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EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1997 1996 1997 1996
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PRIMARY
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Average shares outstanding................................. 15,204,233 11,346,306 15,164,907 11,295,692
Net effect of dilutive stock options --
based on the treasury stock method using
average market price.................................. 278,693 376,219 314,056 235,377
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Total...................................................... 15,428,926 11,722,525 15,478,963 11,531,069
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Net income................................................. $ 79,766 $ 1,044,156 $ 1,897,593 $ 1,909,887
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Per share amount........................................... $ 0.01 $ 0.09 $ 0.12 $ 0.17
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FULLY DILUTED
Average shares outstanding................................. 15,204,233 11,346,306 15,164,907 11,295,692
Net effect of dilutive stock options -- based on the
treasury stock method using the quarter-end market
price if higher than average market price............. 286,533 408,431 314,056 246,169
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Total...................................................... 15,490,766 11,754,737 15,478,963 11,541,861
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Net income................................................. $ 79,766 $ 1,044,156 $ 1,897,593 $ 1,909,887
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Per share amount........................................... $ 0.01 $ 0.09 $ 0.12 $ 0.17
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