EXHIBIT 11
Computation of weighted average number of shares of common stock
For the three For the six
months ended June months ended June
1999 2000 1999 2000
------ ------ ------ ------
Shares outstanding at beginning
of period (net of 25,000
shares held in treasury) ....... 15,177 15,298 15,158 15,279
Weighted average shares issued ..... 58 13 46 19
------ ------ ------ ------
Shares used in the calculation of
Basic EPS (weighted average
shares outstanding ......... 15,235 15,311 15,204 15,298
Effect of dilutive securities ...... 377 240 371 237
------ ------ ------ ------
Shares used in the calculation of
Diluted EPS .................... 15,612 15,551 15,575 15,535
====== ====== ====== ======
E-1
