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 ====== ====== ====== ======