EXHIBIT 11
----------
COMPUTATION OF EARNINGS PER SHARE
---------------------------------
Three months Three months
ended ended
March 31, 1995 March 31, 1994
-------------- --------------
Calculation of common and
common equivalent shares:
Shares outstanding at beginning
of the period 1,051,000 1,046,000
Weighted average number of shares
issued during the period:
Issuance of shares 1,000
--------- ---------
Weighted average shares
outstanding 1,051,000 1,047,000
Common equivalent shares if
stock options were exercised 1,000 2,000
--------- ---------
Average number of common and common
equivalent shares outstanding 1,052,000 1,049,000
========= =========
Calculation of earnings per share:
Net income $19,000 $67,000
Average number of common and common
equivalent shares outstanding 1,052,000 1,049,000
--------- ---------
Loss per common and common
equivalent share ($.02) ($.06)
===== =====
Fully diluted earnings per share is equivalent to primary
earnings per share as the period-end market price of common stock does
not result in greater dilution.