<PAGE> 27
EXHIBIT 11.1
Statement Regarding Computation of Per Share Earnings
<PAGE> 28
Computation of Earnings Per Share
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The following formula was used to calculate the earnings per share,
Consolidated Statements of Income for the three and six months ended June 30,
2000 and 1999, included in this report as Exhibit 13.3.
Earnings Per Share
Net Income /
Weighted average shares of common stock outstanding for the period
<TABLE>
<CAPTION>
Three months ended
June 30,
2000 1999
------- -------
<S> <C> <C>
Weighted Average
Shares Outstanding 1,508,526 1,508,526
Net Income 584,860 744,190
Per Share Amount .39 .49
</TABLE>
<TABLE>
<CAPTION>
Six months ended
June 30,
2000 1999
------- -------
<S> <C> <C>
Weighted Average
Shares Outstanding 1,508,526 1,508,526
Net Income 1,144,403 1,292,406
Per Share Amount .76 .86
</TABLE>
No common stock equivalents exist.
