Exhibit No. 11. Statement re: Computation of Per Share Earnings for the three
months ended March 31, 1997 and 1996 (in thousands except per
share data).
Three Months Ended
March 31,
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1997 1996
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Net income $ 471 $ 319
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Weighted average shares outstanding 3,017 3,158
Common stock equivalents due to dilutive
effect of stock options 106 26
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Total weighted average common shares
and equivalents outstanding 3,123 3,184
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Primary earnings per share $ 0.15 $ 0.10
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Total weighted average common shares
and equivalents outstanding 3,123 3,184
Additional dilutive shares using the end
of period market value versus the
average market value when applying
the treasury stock method (1) N/A N/A
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Total weighted average common shares
and equivalents outstanding for fully
diluted computation 3,123 3,184
====== ======
Fully diluted earnings per share $ 0.15 $ 0.10
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(1) Fully dilutive earnings per share did not result in dilution of three
percent or more, or are anti-dilutive, and are therefore not separately
presented in the consolidated statements of operations.
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