EXHIBIT 11. EARNINGS PER SHARE CALCULATIONS
Basic net earnings per share is computed by dividing net earnings by the
weighted average number of shares outstanding for the year. Diluted earnings per
share is similar except that the weighted average number of shares outstanding
is increased by shares issuable upon exercise of stock options and warrants for
which the market price exceeds exercise price, less shares which could have been
purchased by the Company with the related proceeds.
<TABLE>
<CAPTION>
2000 1999
BASIC DILUTED BASIC DILUTED
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
Net earnings $ 33,293 $ 33,293 $ 51,459 $ 51,459
---------------------------- ----------------------------
Average shares outstanding 1,902,462 1,902,462 1,902,511 1,902,511
Effect of dilutive securities:
Options and Warrants 0 232,732 0 9,817
---------------------------- ----------------------------
Equivalent shares 1,902,462 2,135,194 1,902,511 1,912,328
---------------------------- ----------------------------
Earnings per share $ 0.02 $ 0.02 $ 0.03 $ 0.03
============================ ============================
</TABLE>
