EXHIBIT 11
Published on September 10, 1997
Exhibit 11
STATEMENT REGARDING COMPUTATION PER SHARE EARNINGS 12/31/96
EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES (1) 571,273
NET EFFECT OF DILUTIVE STOCK OPTIONS
IN ACCORDANCE WITH TREASURY STOCK METHOD (1) (65,000)
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TOTAL SHARES OUTSTANDING 506,273
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PROFORMA NET INCOME AFTER PROFORMA INCOME TAXES $ 60,437
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PER SHARE AMOUNTS: NET INCOME $ 0.12
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(1) FOR ASSUMPTIONS USED IN THIS EXHIBIT PLEASE SEE NOTE 2 TO THE FIANANCIAL
STATEMENTS.