1
EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF NET INCOME PER SHARE.
Three months ended September 30, Nine months ended September 30,
--------------------------------- -------------------------------
1996 1995 1996 1995
--------------- -------------- --------------- -------------
Income before income taxes and
extraordinary item.......................................... $2,074,499 $789,373 $4,637,420 $1,923,299
Pro forma provision for income taxes @ 39%..................... 308,000 750,000
Income taxes................................................... 922,000 1,673,000
Adjustments for reduction in interest
expense and effects of shares
required to pay offering costs,
and debt of $11,527,000..................................... 119,000 195,000 494,000 583,000
--------------- -------------- --------------- -------------
Pro forma net income before extraordinary item................. 1,271,499 676,373 3,458,420 1,756,299
Extraordinary item from early extinguishment of
debt, net of income taxes................................... 149,789 -- 149,789 --
--------------- -------------- --------------- -------------
Pro forma net income........................................... $1,121,710 $676,373 $3,308,631 $1,756,299
=============== ============== =============== =============
Average number of common shares outstanding.................... 3,079,619 2,720,881 3,079,619 2,644,183
Common equivalent shares outstanding........................... 444,249 509,320 444,249 509,320
Shares included in the offering................................ 2,169,636 2,169,636 2,169,636 2,169,636
--------------- -------------- --------------- -------------
Pro forma weighted average number of common
and common equivalent shares outstanding.................... 5,693,504 5,399,837 5,693,504 5,323,139
=============== ============== =============== =============
Pro forma net income per common and common
equivalent shares outstanding before
extraordinary item.......................................... $0.22 $0.13 $0.61 $0.33
Extraordinary item............................................. $0.03 -- $0.03 --
--------------- -------------- --------------- -------------
Pro forma net income per common and common
equivalent shares outstanding............................... $0.20 $0.13 $0.58 $0.33
=============== ============== =============== =============
NOTE: Net income per share figures will not necessarily add due to rounding
adjustments.