Form: SB-2/A

Optional form for registration of securities to be sold to the public by small business issuers

September 10, 1997

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.