<PAGE> 1
EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION
OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Statement Regarding Computation of Three months Six months
Per Share Earnings ended June 30, ended June 30,
-------------------------- --------------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Basic earnings per share:
Weighted-average shares outstanding 1,655,263 1,727,128 1,655,263 1,749,006
Net income per share $ .63 $ .34 $ 1.16 $ .69
Weighted-average common shares
outstanding and common share
equivalents (1) 1,655,263 1,727,128 1,655,263 1,749,006
---------- ---------- ---------- ----------
Net income $1,045,000 $ 593,000 $1,922,000 $1,215,000
========== ========== ========== ==========
Diluted net income per share $ .63 $ .34 $ 1.16 $ .69
========== ========== ========== ==========
</TABLE>
(1) 20,000 shares of common stock equivalents were excluded from the
computation of earnings per share for all periods presented because they
were antidilutive.
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