<PAGE> 1
EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION
OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Statement Regarding Computation of Three months Nine months
Per Share Earnings ended September 30, ended September 30,
---------------------------- ----------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Basic earnings per share:
Weighted-average shares outstanding 1,653,382 1,701,045 1,654,625 1,732,844
Net income per share $ .64 $ .42 $ 1.80 $ 1.11
Weighted-average common shares
outstanding and common share
equivalents (1) 1,653,382 1,701,045 1,654,625 1,732,844
----------- ----------- ----------- -----------
Net income $ 1,062,000 $ 705,000 $ 2,984,000 $ 1,920,000
=========== =========== =========== ===========
Diluted net income per share $ .64 $ .42 $ 1.80 $ 1.11
=========== =========== =========== ===========
</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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