<PAGE>
Exhibit 11.1
<TABLE>
COMPUTATION OF EARNINGS PER SHARE
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2000 1999 2000 1999
--------- --------- --------- ---------
(In thousands, except share and per share data)
<S> <C> <C> <C> <C>
Average common shares outstanding 6,105,124 6,396,462 6,105,821 6,509,916
Average common stock equivalents of
warrants and options outstanding -
based on the treasury stock method
using market price 19,640 37,014 27,834 69,992
--------- --------- --------- ---------
Average diluted common shares
outstanding 6,124,764 6,433,476 6,133,655 6,579,908
========= ========= ========= =========
Net income $ 1,704 $ 1,429 $ 4,925 $ 3,776
Basic earnings per common share 0.28 0.22 0.81 0.58
Diluted earnings per common share 0.28 0.22 0.80 0.57
</TABLE>
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