EXHIBIT 11

              STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

         Basic  earnings  per common  share of $0.22 for the three  months ended
June 30, 2006 were  calculated by dividing net income of $223,000 for the period
April 1, 2006 to June 30, 2006 by the  weighted-average  number of common shares
outstanding of 1,014,228.