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EXHIBIT 11.1
COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months ended Nine Months ended
September 30 September 30
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Net income $ 1,079,553 $ 495,189 $2,348,276 $1,246,737
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Weighted average number of common
and common equivalent shares:
Weighted average common shares outstanding 2,698,746 2,684,666 2,698,746 2,582,567
Shares issued from assumed exercise of
common stock equivalents(1) -- 19,761 638 26,917
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Weighted average number of common and
common equivalent shares outstanding 2,698,746 2,704,427 2,699,384 2,609,484
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Earnings per share:
Basic $ .40 $ .18 $ .87 $ .48
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Diluted $ .40 $ .18 $ .87 $ .48
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</TABLE>
(1) The number of common stock equivalents excluded from the computation
of earnings per share because they were antidilutive were 175,817 and
41,133 for three months ended September 30, 2000 and 1999,
respectively, and 154,781 and 37,383 for the nine months ended
September 30, 2000 and 1999, respectively.
