EXHIBIT 11.1
Published on July 21, 1997
EXHIBIT 11
STATEMENT REGARDING COMPUTATION PER SHARE EARNINGS 12/31/97
EARNINGS PER COMMON AND EQUIVALENT SHARE
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES (1) 571,123
NET EFFECT OF DILUTIVE STOCK OPTIONS
IN ACCORDANCE WITH TREASURY STOCK METHOD (1) (97,500)
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TOTAL SHARES OUTSTANDING 473,773
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PROFORMA NET INCOME AFTER PROFORMA INCOME TAXES $ 129,495
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PER SHARE AMOUNTS: NET INCOME $ 0.27
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(1) FOR ASSUMPTIONS USED IN THIS EXHIBIT PLEASE SEE NOTE 2 TO THE
FINANCIAL STATEMENTS.