Exhibit No. 11. Statement re: Computation of Per Share Earnings for the six and
three months ended June 30, 1997 and 1996 (in thousands except
per share data).
Six Months Ended Three Months Ended
June 30, June 30,
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1997 1996 1997 1996
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Net income $ 846 $ 768 $ 375 $ 449
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Weighted average shares outstanding 3,021 3,138 3,023 3,119
Common stock equivalents due to dilutive
effect of stock options 96 17 99 15
----- ----- ----- -----
Total weighted average common shares
and equivalents outstanding 3,117 3,155 3,122 3,134
===== ===== ===== =====
Primary earnings per share $ 0.27 $ 0.24 $ 0.12 $ 0.14
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Total weighted average common shares
and equivalents outstanding 3,117 3,155 3,122 3,134
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 N/A N/A
----- ----- ----- -----
Total weighted average common shares
and equivalents outstanding for fully
diluted computation 3,117 3,155 3,122 3,134
===== ===== ===== =====
Fully diluted earnings per share $ 0.27 $ 0.24 $ 0.12 $ 0.14
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(1) Fully dilutive earnings per share are not anti-dilutive or did not result
in dilution of three percent or more; therefore they are not separately
presented in the consolidated statements of operations.
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