EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
YEARS ENDED SIX MONTHS ENDED
JUNE 30, DECEMBER 31,
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1996 1997 1996 1997
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Weighted average shares outstanding. 2,833,108 4,128,231 4,127,633 4,044,375
Net effect of dilutive stock options
based on the treasury stock method
using the IPO price................ 63,673 63,673 63,673 63,673
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Total............................... 2,896,781 4,191,904 4,191,307 4,108,048
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Pro forma net income................ $ 417,000 $7,542,000 $2,990,000 $3,531,000
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Pro forma net income per share
amount............................. $ 0.14 $ 1.80 $ 0.71 $ 0.86
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