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EXHIBIT 11
COMPUTATION OF PER SHARE EARNINGS
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
----- ----- ----- -----
(in thousands, except per share data)
BASIC
NET INCOME (LOSS) $203 ($424) $167 ($1,600)
/ WEIGHTED AVERAGE SHARES 1,682 1,391 1,489 1,391
- --------------------------- ----- ------ ----- ------
BASIC EARNINGS (LOSS)
PER SHARE $0.12 ($0.30) $0.11 ($1.15)
=========================== ===== ===== ===== =====
DILUTED
NET INCOME (LOSS) $203 ($424) $167 ($1,600)
/ WEIGHTED AVERAGE SHARES 1,692 1,391 1,501 1,391
- --------------------------- ----- ----- ------ -----
DILUTED EARNINGS (LOSS)
PER SHARE $0.12 ($0.30) $0.11 ($1.15)
=========================== ===== ===== ===== =====
Notes:
- Weighted average shares outstanding have been adjusted to reflect the 10%
stock dividends in 1998 and 1997.
- Where applicable, diluted share computations include the effects of
outstanding stock options.
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