EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE
Three months Six months ended June 30 ended June 30 1996 1995 1996 1995 ---- ---- ---- ---- Calculation of common and common equivalent shares: Shares outstanding at beginning of the period 1,057,000 1,051,000 1,054,000 1,051,000 Weighted average number of shares issued during the period: Issuance of shares 2,000 --------- --------- --------- --------- Weighted average shares outstanding 1,057,000 1,051,000 1,056,000 1,051,000 Common equivalent shares if stock options were exercised 15,000 14,000 --------- --------- --------- --------- Average number of common and common equivalent shares outstanding 1,072,000 1,051,000 1,070,000 1,051,000 ========= ========= ========= ========= Calculation of earnings per share: Net income (loss) $472,000 ($137,000) $836,000 ($118,000) Average number of common and common equivalent shares outstanding 1,072,000 1,051,000 1,070,000 1,051,000 --------- --------- --------- --------- Earnings (Loss) per common and common equivalent share $.44 ($.13) $.78 ($.11) ==== ===== ==== ===== 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.