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EXHIBIT 11.1
STATEMENT REGARDING PER SHARE EARNINGS
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<CAPTION>
3 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended
June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999
Primary Earnings Per Share
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<S> <C> <C> <C> <C>
Net income $ 121,305 $ 1,094,065 $ 1,652,771 $ 1,325,723
Cumulative preferred dividends <249,861> <68,708> <504,186> <68,708>
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Income for common shareholders $<128,556> $ 1,025,357 $ 1,148,585 1,257,015
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Weighted average common shares 7,822,191 7,822,191 7,822,191 7,822,191
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Primary earnings per share $ (.02) $ .13 $ .15 $ .16
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Diluted Earnings Per Share
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Net income $ N/A $ 1,094,065 $ 1,652,771 $ 1,325,723
Cumulative preferred dividends -0- -0- -0- -0-
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N/A 1,094,065 1,652,771 1,325,723
========== =========== =========== ===========
Weighted average common shares N/A 7,822,191 7,822,191 7,822,191
Effect of stock options -- -- 64,187 --
Assumed conversion of cumulative
Preferred stock N/A 10,533,447 31,600,342 5,266,723
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N/A 18,355,638 39,486,720 13,088,915
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Diluted earnings per share $ (.02) $ .06 $ .04 $ .10
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