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EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1996 1995 1996 1995
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Income applicable to common stock:
Net Income . . . . . . . . . . . . . . $ 3,035,326 $ 1,216,815 $ 5,647,405 $ 2,425,353
Less: preferred stock dividends . . . - (353,176) - (706,354)
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Income applicable to common stock . . . . 3,035,326 863,639 5,647,405 1,718,999
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Weighted average number of common and
common equivalent shares
Primary:
Weighted average of common shares
outstanding . . . . . . . . . . . . 13,072,092 6,258,297 13,064,699 6,261,890
Weighted average of dilutive common
stock equivalents . . . . . . . . . 800,903 745,150 720,424 761,157
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Weighted average number of common and
common equivalent shares
outstanding for primary earnings
per share . . . . . . . . . . . . . 13,872,995 7,003,447 13,785,123 7,023,047
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Fully diluted:
Weighted average of common shares
outstanding . . . . . . . . . . . . 13,072,092 6,258,297 13,064,699 6,261,890
Weighted average of dilutive common
stock equivalents . . . . . . . . . 800,993 5,316,213 734,801 5,332,220
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Weighted average number of common and
common equivalent shares outstanding
for fully diluted earnings per share 13,873,085 11,574,510 13,799,500 11,594,110
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Income per share:
Primary . . . . . . . . . . . . . . . . $ .22 $ .12 $ .41 $ .24
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Fully diluted . . . . . . . . . . . . . $ .22 $ .11 $ .41 $ .21
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