EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three months Three months
ended ended
March 31, 1996 March 31, 1995
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Calculation of common and
common equivalent shares:
Shares outstanding at beginning
of the period 1,054,000 1,051,000
Weighted average number of
shares issued during the
period:
Issuance of shares 1,000
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Weighted average shares
outstanding 1,055,000 1,051,000
Common equivalent shares if
stock options were exercised 5,000 1,000
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Average number of common and
common equivalent shares
outstanding 1,060,000 1,052,000
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Calculation of earnings per share:
Net income $364,000 $19,000
Average number of common and
common equivalent shares
outstanding 1,060,000 1,052,000
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Net income per common and common
equivalent share $.34 $.02
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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.