EXHIBIT - 11.1
                    COMPUTATION OF EARNINGS PER SHARE DATA

          The following formulas were used to calculate the earnings per share
data shown in the Consolidated Statements of Income and Retained Earnings for
the year ended December 31, 1996 and December 31, 1995 included in this Report.

                                  Calculation




Year Ended

                                                                         
December 31, 1996    Net Income        Net Income/(Loss)      =  $(2,938,000)  =  $(.49)
                     per common     ------------------------     ------------
                     share          Weighted average shares        6,024,445
                                    of Common Stock for the
                                    period

December 31, 1995    Net Income           Net Income          =  $  9,464,000  =  $1.40
                     per common     ------------------------     ------------
                     share          Weighted average shares        6,782,127
                                    of Common Stock for the
                                    period


For purposes of calculating earnings per share, there were 6,024,445 and
6,782,127 weighted number of common shares outstanding during the twelve month
periods ending December 31, 1996 and 1995. Effective April 1, 1996, the Company
granted options of 8,000 shares of common stock and on April 1, 1995, the
Company granted options of 79,500 shares of common stock. As of December 31,
1996, these common stock equivalents are not included in the earnings per share
calculation as they have an anti-dilutive effect.