1 EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (LOSS) YEARS ENDED DECEMBER 31, ------------------------------------------------------- 1995 1994 1993 --------------- --------- -------- Income (loss) from continuing operations $ 4,260,000 1,916,000 (441,000) Income (loss) from discontinued operations - - 480,000 --------------- --------- -------- Net income $ 4,260,000 1,916,000 39,000 =============== ========= ========= Weighted average number of common shares outstanding 3,836,063 3,836,063 3,836,063 =============== ========= ========= Income (loss) per share of common stock: Continuing operations $ 1.11 0.50 (0.11) Discontinued operations - - 0.12 --------------- --------- -------- Net income $ 1.11 0.50 0.01 =============== ========= ========= NOTE: Outstanding stock options are excluded from the computation as the effective dilution in earnings per share data is less than 3%.