Statement regarding Computation of Per Share Earnings EXHIBIT 11.1
(in thousands, except per share data)
Six months ended June 30
1997 1996
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PRIMARY
Net income (Note 3) $2,096 $1,814
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Weighted average shares outstanding 6,517 6,509
Primary EPS $ .32 $ .28
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FULLY DILUTED
Net income (Note 3) $2,096 $1,814
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Weighted average shares outstanding 6,523 6,488
Fully diluted EPS $ .32 $ .28
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The treasury stock method was used in the calculation of the average shares
outstanding for EPS. The denominator includes the shares outstanding during the
year plus the number of shares from assumed exercise of all vested outstanding
stock options less the number of treasury shares that would be repurchased from
the proceeds of such exercise. For primary EPS, the average stock price for the
year is used; in the calculation for fully diluted EPS, the quarter end stock
price is used. For the periods presented, the number of shares issued in the
initial public offering are also included in the denominator as though the
shares had been outstanding since the beginning of each year, in accordance with
Regulation S-X, Article 11.