<PAGE> 1
EXHIBIT 11
<TABLE>
<CAPTION>
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Weighted average number of
shares outstanding 3,495,221 3,492,501 4,262,686 4,369,727 4,367,727
Add common stock
equivalents 17,303 19,607 22,536 14,222 5,396
------ ------ ------ ------ -----
Adjusted weighted average
shares outstanding 3,512,524 3,512,108 4,285,222 4,383,949 4,373,123
========= ========= ========= ========= =========
Net Income: $2,010,000 $2,493,000 $2,038,000 $1,639,000 $1,014,000
========== ========== ========== ========== ==========
Earnings per share:
and fully diluted: Basic $ .57 $ .71 $ .48 $ .37 $ .23
Diluted $ .57 $ .71 $ .48 $ .37 $ .23
====== ====== ====== ====== ======
</TABLE>
Earnings per common and common equivalent shares are based upon the
weighted average number of shares of common stock and common stock equivalents
outstanding during the respective periods. Stock options have been considered to
be the equivalent of common stock. Shares issuable upon exercise of stock
options, to the extent appropriate, have been added to the average common shares
actually outstanding for purposes of this computation, and shares assumed to be
purchased at the average market price during the respective periods, with
proceeds from the exercise of such options, have been deducted from the average
shares outstanding.
E-1
