Exhibit No. 11. Statement re: Computation of Per Share Earnings for the nine
and three months ended September 30, 1997 and 1996 (in
thousands except per share data).
Nine Months Ended Three Months Ended
September 30, September 30,
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1997 1996 1997 1996
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Net income $ 1,357 $ 348 $ 511 $ (420)
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Weighted average shares outstanding 3,021 3,109 3,022 3,052
Common stock equivalents due to dilutive
effect of stock options 95 24 111 37
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Total weighted average common shares
and equivalents outstanding 3,116 3,133 3,133 3,089
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Primary earnings (loss) per share $ 0.43 $ 0.11 $ 0.16 $(0.13)
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Total weighted average common shares
and equivalents outstanding 3,116 3,133 3,133 3,089
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
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Total weighted average common shares
and equivalents outstanding for fully
diluted computation 3,116 3,133 3,133 3,089
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Fully diluted earnings (loss) per share $ 0.43 $ 0.11 $ 0.16 $(0.13)
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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.