1
EXHIBIT 11
STATEMENT RE COMPUTATION
OF PER SHARE EARNINGS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- ---------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
Numerator:
Net income for basic and
diluted earnings per share $ 1,113,000 $ 776,000 $ 2,015,000 $ 2,142,000
------------ ------------ ------------ ------------
Denominator:
Denominator for basic earnings
per common share -
weighted-average shares 3,981,664 3,971,165 3,979,423 3,965,220
Effect of dilutive securities:
Employee stock options -- 9,832 7,973 9,606
------------ ------------ ------------ ------------
Denominator for diluted earnings
per common share -
weighted-average shares 3,981,664 3,980,997 3,987,396 3,974,826
============ ============ ============ ============
Basic earnings per common share $ 0.28 $ 0.20 $ 0.51 $ 0.54
============ ============ ============ ============
Diluted earnings per common share $ 0.28 $ 0.20 $ 0.51 $ 0.54
============ ============ ============ ============