EXHIBIT 11.1
Statement Regarding Calculation of Per Share Earnings
(Dollars in thousands, Except for per share amounts)
Three Months Ended March 31,
1996 1995
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Primarily and Fully Diluted:
Average shares outstanding...................................................... 7,458,215 5,916,445
Net effect of dilutive stock options - based on the treasury stock method using
average market price............................................................ -- --
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Total...................................................................... 7,458,215 5,916,445
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Net loss........................................................................ $ (985) $ (521)
Less: Preferred Stock dividends and accretion................................... 136 71
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Net loss attributable to common shareholders.................................... $ (1,121) $ (592)
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Net (loss) income per common share.............................................. $ (0.15) $ (0.10)
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See accompanying notes to consolidated financial statements
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