1
Exhibit 11.1
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
PRIMARY EARNINGS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
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Weighted Average Common and
Common Equivalent Shares:
Weighted Average Common Stock
Outstanding During the Period 6,400,898 6,206,242 6,324,907 6,231,328
Weighted Average Common Equivalent:
Shares 652,857 764,834 644,110 888,756
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7,053,755 6,971,076 6,969,017 7,120,084
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Net Income $ 322,090 $ 409,508 $1,231,846 $1,213,516
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Net Income Per Common Share $ 0.05 $ 0.06 $ 0.18 $ 0.17
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FULLY DILUTED EARNINGS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
---- ---- ---- ----
Weighted Average Common and
Common Equivalent Shares:
Weighted Average Common Stock
Outstanding During the Period 6,400,898 6,206,242 6,324,907 6,231,328
Weighted Average Common Equivalent:
Shares 697,632 854,512 738,646 883,533
---------- ---------- ---------- ----------
7,098,530 7,060,754 7,063,553 7,114,861
---------- ---------- ---------- ----------
Net Income $ 322,090 $ 409,508 $1,231,846 $1,213,516
---------- ---------- ---------- ----------
Net Income Per Common Share $ 0.05 $ 0.06 $ 0.17 $ 0.17
========== ========== ========== ==========
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