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                                EXHIBIT NO. 11.1

             STATEMENT RE: COMPUTATION OF DILUTED EARNINGS PER SHARE

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     EXHIBIT (11)----STATEMENT RE: COMPUTATION OF DILUTED EARNINGS PER SHARE

Diluted earnings per share computations assumes the exercise of stock purchase
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 and only include those warrants and options whose
average share price during the period exceeds its related exercise price. The
net additional shares issuable are calculated based on the treasury stock method
and are added to the weighted average number of shares outstanding during the
period.




DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED MARCH 31, 1998
                                                                            
Actual net income (A)                                                          $  1,943,673
                                                                               ============

Assumed exercise of stock options and warrants                                      323,850
Application of assumed proceeds ($1,682,557) toward
  repurchase of outstanding common stock at an average
  market price of $10.063                                                          (167,202)
                                                                               ------------
Net additional shares issuable                                                      156,648
                                                                               ============

Adjustment of shares outstanding:
  Weighted average common shares outstanding                                      8,286,035
  Net additional shares issuable                                                    156,648
                                                                               ------------
  Adjusted shares outstanding (B)                                                 8,442,683
                                                                               ============

Net income per common share (A) divided by (B)                                       $ 0.23
                                                                               ============


DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED MARCH 31, 1997

Actual net income (A)                                                          $  1,284,245
                                                                               ============

Assumed exercise of stock options and warrants                                      451,358
Application of assumed proceeds ($1,915,100) toward
  repurchase of outstanding common stock at an average
  market price of $5.833                                                           (328,322)
                                                                               ------------  
Net additional shares issuable                                                      123,036
                                                                               ============

Adjustment of shares outstanding:
  Weighted average common shares outstanding                                      8,126,466
  Net additional shares issuable                                                    123,036
                                                                               ------------
  Adjusted shares outstanding (B)                                                 8,249,502
                                                                               ============

Net income per common share (A) divided by (B)                                 $       0.16
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