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Exhibit 11
STATEMENT RE COMPUTATION
OF PER SHARE EARNINGS
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, June 30,
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1998 1997 1998 1997
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Numerator:
Net income for basic and
diluted earnings per share $ 1,063,000 $ 2,176,000 $ 1,366,000 $ 1,688,000
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Denominator:
Denominator for basic earnings
per common share -
weighted-average shares 3,970,113 3,921,853 3,962,199 3,921,853
Effect of dilutive securities:
Employee stock options 18,342 17,730 9,227 13,345
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Denominator for diluted earnings
per common share -
weighted-average shares 3,988,455 3,939,583 3,971,426 3,935,198
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Basic earnings per common share $ 0.27 $ 0.55 $ 0.34 $ 0.43
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Diluted earnings per common share $ 0.27 $ 0.55 $ 0.34 $ 0.43
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