EXHIBIT 11
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three month periods ended Nine month periods ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
1996 1995 1996 1995
------------- ------------- ------------- -------------
(In thousands, except per share data)
Primary:
Average outstanding shares 5,949 5,862 5,922 5,844
Net effect of dilutive stock options - based
on the treasury stock method using
the average market price 108 178 135 189
------ ------ ------ ------
Totals 6,057 6,040 6,057 6,033
====== ====== ====== ======
Net income $ 887 $1,180 $2,617 $3,120
====== ====== ====== ======
Per share amount $ .15 $ .20 $ .43 $ .52
====== ====== ====== ======
Fully diluted:
Average shares outstanding 5,949 5,862 5,922 5,844
Net effect of dilutive stock options - based
on the treasury stock method using
the quarter-end market price if higher
than the average market price 108 178 141 189
------ ------ ------ ------
Totals 6,057 6,040 6,063 6,033
====== ====== ====== ======
Net income $ 887 $1,180 $2,617 $3,120
====== ====== ====== ======
Per share amount $ .15 $ .20 $ .43 $ .52
====== ====== ====== ======