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EXHIBIT 11.1
COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months ended Six Months ended
June 30, June 30,
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Net income $ 589,759 $ 548,034 $1,268,723 $ 751,548
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Weighted average number of common
and common equivalent shares:
Weighted average common shares outstanding 2,698,746 2,611,792 2,698,746 2,530,672
Shares issued from assumed exercise of
common stock equivalents(1) -- 28,435 957 30,495
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Weighted average number of common and
common equivalent shares outstanding 2,698,746 2,640,227 2,699,703 2,561,167
========== ========== ========== ==========
Earnings per share:
Basic $ .22 $ .21 $ .47 $ .30
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Diluted $ .22 $ .21 $ .47 $ .29
========== ========== ========== ==========
</TABLE>
(1) The number of common stock equivalents excluded from the computation of
earnings per share because they were antidilutive were 179,030 and
31,289 for three months ended June 30, 2000 and 1999, respectively, and
144,263 and 35,508 for the six months ended June 30, 2000 and 1999,
respectively.
