EXHIBIT 11
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS


                                                    Quarter Ended
                                                   March 31, 1999
                                                   --------------
Diluted net income per share:                     
                                                  
 Net income to common shareholders                    $ 1,767,000
                                                  
 Average number of shares outstanding                  11,500,000
 Net effect of dilutive stock options-based on                
  treasury stock method                                       N/A
                                                    -------------
 Total average shares                                  11,500,000
                                                    =============
                                                  
 Diluted net income per share                         $      0.15