EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Thousands, except Three Months Six Months
per share amounts) Ended June 30, Ended June 30,
1995 1994 1995 1994
-------- -------- -------- --------
PRIMARY
Average shares outstanding 10,729 10,613 10,700 10,601
Net effect of dilutive stock
options--based on the
treasury stock method
using average market
price 426 238 429 247
-------- -------- -------- --------
TOTAL 11,191 10,851 11,129 10,848
======== ======== ======== ========
Net Income $ 1,324 $ 1,517 $ 3,109 $ 2,650
======== ======== ======== ========
Per share amount $ 0.12 $ 0.14 $ 0.28 $ 0.24
======== ======== ======== ========
FULLY DILUTED
Average shares outstanding 10,729 10,613 10,700 10,601
Net effect of dilutive stock
options--based on the
treasury stock method using
the quarter-end market
price, if higher than the
average market price 512 238 512 247
-------- -------- -------- --------
TOTAL 11,241 10,851 11,212 10,848
======== ======== ======== ========
Net Income $ 1,324 $ 1,517 $ 3,109 $ 2,650
======== ======== ======== ========
Per share amount $ 0.12 $ 0.14 $ 0.28 $ 0.24
======== ======== ======== ========
Note: Financial data for all periods have been restate to reflect two
acquisitions in May 1995, each accounted for as a pooling of interests
in which 279,081 total shares were issued.