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 Operations for the years ended December 31,
1997 and 1996, included in this report.
Calculation
-------------
Year Ended December 31
1997
- ----
Basic net income per Net income = $5,259,000 = $ 0.88
common share ------------------------------ -------------
Weighted average shares of 5,993,967
common stock outstanding
during the period
Diluted net income per Net income = $5,259,000 = $ 0.88
common share ------------------------------ -------------
Weighted average shares of 6,008,934
common stock outstanding
plus the dilutive effect of
stock options
1996
- ----
Basic net income (loss) Net income (loss) = $(2,938,000) = $(0.49)
per common share ------------------------------ --------------
Weighted average shares of 6,024,445
common stock outstanding
during the period
Diluted net income (loss) Net income (loss) = $(2,938,000) = $(0.49)
per common share ------------------------------ --------------
Weighted average shares of 6,024,445
common stock outstanding
plus the dilutive effect of
options