1 EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 1997 1996 1997 1996 ---------- ---------- ---------- ---------- Net income $1,321,000 $ 570,000 $3,009,000 $2,544,000 ---------- ---------- ---------- ---------- Net income per share $ 0.34 $ 0.15 $ 0.77 $ 0.66 ---------- ---------- ---------- ---------- Weighted average shares outstanding 3,922,512 3,921,853 3,922,073 3,880,168 ---------- ---------- ---------- ---------- Note: Outstanding stock options are excluded from the computation as the effective dilution in earnings per share data is less than 3%. E-2