EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three months Six months
ended June 30 ended June 30
1996 1995 1996 1995
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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
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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
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Average number of common and common
equivalent shares outstanding 1,072,000 1,051,000 1,070,000 1,051,000
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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
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Earnings (Loss) per common and
common equivalent share $.44 ($.13) $.78 ($.11)
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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.