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EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1999 1998 1999 1998
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Basic:
Average shares outstanding ...................... 4,055,092 4,173,159 4,084,862 4,167,832
Net income (loss) attributable to common
shareholders .................................. $ 74,000 $ 722,000 $ (112,000) $ 2,681,000
Per share amount ................................ $ .0182 $ .1730 $ (.0274) $ .6433
Diluted:
Average shares outstanding ...................... 4,055,092 4,173,159 4,084,862 4,167,832
Net effect of dilutive stock
options -- based on the treasury stock
method using period-end market price, if
higher than average market price .............. -- 1,041,728 -- 1,041,728
Assumed conversion of Class A convertible
Preferred stock ................................. -- 420,000 -- 420,000
Total ...................................... 4,055,092 5,634,877 4,084,862 5,629,560
Net income (loss) ................................ $ 74,000 $ 747,000 $ (112,000) $ 2,750,000
Per share amount* $ .0182 $ .1326 $ (.0274) $ .4885
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* Due to a loss for the quarter ended September 30, 1999 and for the nine
months ended September 30, 1999, the conversion of common stock equivalents
would be anti-dilutive.