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EXHIBIT NO. 11.1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
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EXHIBIT (11.1)----STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Earnings per share computations assumes the exercise of stock warrants and
options to purchase shares of common stock. The shares assumed exercised are
based on the weighted average number of warrants and options outstanding during
the period. Under the treasury stock method of computing earnings per share, the
number of shares of treasury stock assumed repurchased is limited to 20% of
common stock outstanding, with the remaining shares assumed to be newly issued
and with the excess proceeds assumed to have reduced long-term borrowings
outstanding for the periods.
EARNINGS PER SHARE FOR THE PERIOD ENDED SEPTEMBER 30, 1996
Three Months Nine Months
Application of assumed proceeds ($6,767,531 and $6,790,243):
Toward repurchase of outstanding common shares at
September 30, 1996 market price of $6.375 and $6.958 per share $6,767,531 $6,790,243
Reduction of borrowings under line of credit 0 0
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$6,767,531 $6,790,243
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Adjustments of net income: $ 982,988 $2,940,607
Actual net income 0 0
Interest expense reduction ---------- ----------
$ 982,988 $2,940,607
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Adjusted net income (A)
Adjustment of shares outstanding: 5,023,044 5,013,480
Actual outstanding 2,587,404 2,640,553
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Net additional shares issuable 7,610,448 7,654,033
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Adjusted shares outstanding (B)
$ 0.13 $ 0.38
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Net income per common share (A) divided by (B)
EARNINGS PER SHARE FOR THE PERIOD ENDED SEPTEMBER 30, 1995
Three Months Nine Months
Application of assumed proceeds ($6,870,874 and $5,955,209):
Toward repurchase of outstanding common shares at
September 30, 1996 market price of $7.125 and $6.563 per share
Reduction of borrowings under line of credit $6,870,874 $5,955,209
0 0
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$6,870,874 $5,955,209
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Adjustments of net income:
Actual net income $1,236,106 $3,849,445
Interest expense reduction 0 0
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Adjusted net income (A) $1,236,106 $3,849,445
Adjustment of shares outstanding:
Actual outstanding 4,986,457 4,986,457
Net additional shares issuable 2,677,298 2,672,370
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Adjusted shares outstanding (B) 7,663,755 7,658,827
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Net income per common share (A) divided by (B) $ 0.16 $ 0.50
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