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EXHIBIT 11
STATEMENT RE COMPUTATION
OF PER SHARE EARNINGS
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<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Numerator:
Net income for basic and
diluted earnings per share $ 285,000 $1,113,000 $ 704,000 $2,015,000
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Denominator:
Denominator for basic earnings
per common share -
weighted-average shares 3,981,664 3,981,664 3,981,664 3,979,423
Effect of dilutive securities:
Employee stock options -- -- -- 7,973
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Denominator for diluted earnings
per common share -
weighted-average shares 3,981,664 3,981,664 3,981,664 3,987,396
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Basic earnings per common share $ 0.07 $ 0.28 $ 0.18 $ 0.51
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Diluted earnings per common share $ 0.07 $ 0.28 $ 0.18 $ 0.51
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