Exhibit 11.1
STATEMENT REGARDING
COMPUTATIONS PER SHARE Three months ended Nine months ended
EARNINGS 9/30/96 9/30/97 9/30/96 9/30/97
EARNINGS PER COMMON AND
EQUIVALENT SHARE
WEIGHTED AVERAGE COMMON
AND COMMON EQUIVALENT
SHARES (1) 571,273 571,273 571,273 571,273
NET EFFECT OF DILUTIVE
STOCK OPTIONS IN
ACCORDANCE WITH TREASURY
STOCK METHOD (1) (65,000) (65,000) (65,000) (65,000)
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TOTAL SHARES OUTSTANDING
506,273 506,273 506,273 506,273
PROFORMA NET INCOME(LOSS)
AFTER PROFORMA INCOME
TAXES $ 67,733 $ (845,143) $ 214,799 $ (558,855)
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PER SHARE AMOUNTS:
NET INCOME (LOSS) $ .05 $ (1.67) $ .25 $ (1.10)
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(1) FOR ASSUMPTIONS USED IN THIS EXHIBIT PLEASE SEE NOTE B TO THE
FINANCIAL STATEMENTS