1 EXHIBIT 11.1 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS 1996 1997 1998 ---------- ---------- ----------- Basic: Average shares outstanding................ 3,996,974 4.081,555 4,159,319 Net income................................ $ 771,000 $2,665,000 $2,784,000 Per share amount.......................... $0.19 $0.65 $0.67 Dilutive: Average shares outstanding................ 3,996,974 4,081,555 4,159,319 Net effect of dilutive stock options -- based on the treasure stock method using period-end market price, if higher than average market price 313,558 1,138,321 1,016,430 Assumed conversion of Class A convertible Preferred Stock........................... 546,000 482,854 420,000 Total.......................................... 4,856,533 5,702,730 5,595,749 Net income..................................... $ 890,000 $2,768,000 $2,874,000 Per share amount............................... $0.18 $0.49 $0.51