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Exhibit 11.1
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COMPUTATION OF EARNINGS PER SHARE
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
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2000 1999 2000 1999
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(In thousands, except share and per share data)
<S> <C> <C> <C> <C>
Average common shares outstanding 6,072,588 6,581,451 6,106,169 6,533,643
Average common stock equivalents of
warrants and options outstanding -
based on the treasury stock method
using market price 21,673 44,313 31,932 86,482
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Average diluted common shares outstanding 6,094,261 6,625,764 6,138,101 6,653,125
========== ========== ========== ==========
Net income $ 1,586 $ 1,345 $ 3,221 $ 2,347
Basic earnings per common share 0.26 0.20 0.53 0.36
Diluted earnings per common share 0.26 0.20 0.52 0.35
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