1 EXHIBIT NO. 11.1 COMPUTATION OF PER SHARE EARNINGS - ------------------------------------------------------------------------------------------------------------------ FOR THE YEARS ENDED DECEMBER 31 1997 1996 1995 - ------------------------------------------------------------------------------------------------------------------ Gross Weighted Average Common Shares Outstanding 4,033,919 3,413,636 3,034,092 Weighted Average Treasury Shares Outstanding 53,421 58,661 60,398 --------- --------- --------- Net Weighted Average Common Shares Outstanding 3,980,498 3,354,975 2,973,694 --------- --------- --------- Net Income ($ in thousands) $10,770 $5,959 $6,212 --------- --------- --------- Basic and diluted earnings per share $ 2.71 $ 1.78 $ 2.09 --------- --------- --------- 64