Exhibit 11 - Statement re: Computation of Per Share Earnings:
Net Income Per Common Share:
In March 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 128, "Earnings per Share" which
makes certain changes to the manner in which earnings per share is reported. The
Company has adopted this standard for the year ended December 31, 1997.
1999 1998 1997
---- ---- ----
Numerator-
Net income-
Basic & Diluted $ 614,000 $1,007,000 $5,536,000
Denominator-
Weighted average common shares
outstanding - Basic 8,859,051 9,297,119 9,522,167
Incremental shares from assumed
conversions of stock options - 47,628 89,182
---------- ---------- ----------
Weighted average common shares
outstanding - Diluted 8,559,374 9,344,747 9,611,349
Basic earnings per share $ 0.07 $ 0.11 $ 0.58
Diluted earnings per share $ 0.07 $ 0.11 $ 0.58
