Exhibit 11
Computation of Per Share Earnings
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
EARNINGS ---------- ---------- ---------- ----------
--------
Net Earnings $1,445,248 $1,662,705 $4,882,009 $6,579,924
========== ========== ========== ==========
SHARES
------
Weighted Average Number of
Common Shares Outstanding
(See Note) 5,661,661 5,908,312 5,661,487 5,898,529
Additional Shares Assuming
Conversion of Stock Options 15,737 86,098 16,883 86,313
---------- ---------- ---------- ----------
Weighted Average Common Shares
Outstanding and Equivalents 5,677,398 5,994,410 5,678,370 5,984,842
========== ========== ========== ==========
Basic Net Earnings Per Share $ .26 $ .28 $ .86 $ 1.12
========== ========== ========== ==========
Diluted Net Earnings Per Share $ .25 $ .28 $ .86 $ 1.10
========== ========== ========== ==========
Note: All activity during the year has been adjusted for the number of
days in the year that the shares were outstanding.
