EXHIBIT 11.1
STATEMENT REGARDING PER SHARE EARNINGS
3 Months Ended 3 Months Ended 9 Months Ended 9 Months Ended
September 30, 2000 September 30, 1999 September 30, 2000 September 30, 1999
Primary Earnings Per Share
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Net income $<1,145,961> $<174,737> $ 506,810 $ 1,150,985
Cumulative preferred dividends <256,251> <214,613> <760,437> <283,321>
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Income for common shareholders $<1,402,212> $<389,350> $<253,627> 867,664
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Weighted average common shares 7,822,191 7,822,191 7,822,191 7,822,191
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Primary earnings per share $ (.18) $ (.05) $ (.03) $ .11
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Diluted Earnings Per Share
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Net income $ N/A $ N/A $ N/A $ 1,150,985
Cumulative preferred dividends -0- -0- -0- -0-
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N/A N/A N/A 1,150,985
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Weighted average common shares N/A N/A N/A 7,822,191
Effect of stock options -- -- -- --
Assumed conversion of cumulative
Preferred stock N/A N/A N/A 14,044,596
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N/A N/A N/A 21,866,787
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Diluted earnings per share $ (.18) $ (.05) $ (.03) $ .05
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