<ARTICLE> 5
       
                                                  
<PERIOD-TYPE>                   3-MOS                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1997
<PERIOD-END>                               SEP-30-1997             SEP-30-1997
<CASH>                                      $3,715,309              $3,715,309
<SECURITIES>                                25,499,540              25,499,540
<RECEIVABLES>                                5,389,401               5,389,401
<ALLOWANCES>                                   136,422                 136,422
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                            35,241,929              35,241,929
<PP&E>                                       6,053,198               6,053,198
<DEPRECIATION>                               2,089,003               2,089,003
<TOTAL-ASSETS>                              41,965,880              41,965,880
<CURRENT-LIABILITIES>                        2,153,108               2,153,108
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                        85,048                  85,048
<OTHER-SE>                                  38,561,512              38,561,512
<TOTAL-LIABILITY-AND-EQUITY>                41,965,880              41,965,880
<SALES>                                              0                       0
<TOTAL-REVENUES>                             6,038,577              16,670,950
<CGS>                                                0                       0
<TOTAL-COSTS>                                1,309,159               3,993,543
<OTHER-EXPENSES>                             3,070,020               8,158,756
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                              23,873                 101,100
<INCOME-PRETAX>                              2,099,907               5,723,196
<INCOME-TAX>                                   859,492               2,342,504
<INCOME-CONTINUING>                          1,240,415               3,380,692
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 1,240,415               3,380,692
<EPS-PRIMARY>                                      .15                     .40
<EPS-DILUTED>                                      .15                     .40