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EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
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<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Basic:
Average shares outstanding.................. 4,076,618 4,068,454 4,076,618 4,095,192
Net Income.................................. $ 115,000 $ (422,000) $ 830,000 $ (186,000)
Per share amount............................ $ .0282 $ (.1037) $ .2036 $ (.0454)
Diluted:
Average shares outstanding.................. 4,076,618 4,068,454 4,076,618 4,095,192
Net effect of dilutive stock
options-- based on the treasury stock
method using period-end market price, if
higher than average market price......... 1,219 -- 187,797 --
Assumed conversion of Class B convertible
Preferred Stock............................. 420,000 -- 420,000 --
Total............................... 4,497,837 4,068,454 4,684,415 4,095,192
Net Income.................................... $ 138,000 $ (422,000) $ 875,000 $ (186,000)
Per share amount* $ .0307 $ (.1037) $ .1868 $ (.0454)
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* Due to a loss for the quarter ended June 30, 1999 and for the six months
ended June 30, 1999, the conversion of common stock equivalents would be
anti-dilutive.
