EXHIBIT 11.1
STATEMENT REGARDING PER SHARE EARNINGS
3 Months Ended 6 Months Ended
June 30, 1999 June 30, 1999
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PRIMARY EARNINGS PER SHARE
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Net income $ 1,094,065 $ 1,325,723
Cumulative preferred dividends (68,708) (68,708)
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Income for common shareholders $ 1,025,357 $ 1,257,015
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Weighted average common shares 7,822,191 7,822,191
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Primary earnings per share $ .13 $ .16
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DILUTED EARNINGS PER SHARE
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Net income $ 1,094,065 $ 1,325,723
Cumulative preferred dividends -0- -0-
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$ 1,094,065 $ 1,325,723
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Weighted average common shares 7,822,191 7,822,191
Effect of stock options -- --
Assumed conversion of cumulative
preferred stock 10,533,447 5,266,724
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18,355,638 13,088,915
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Diluted earnings per share $ .06 $ .10
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