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EXHIBIT 11.1

COMPUTATION OF INCOME (LOSS) PER COMMON SHARE

		Year Ended December 31,
		2002		2001			2000
Diluted net income (loss) per share:
	Net income (loss) to common shareholders	$	16,705,000	$	(17,946,000	)	$	(15,542,000	)
	Average number of shares outstanding		9,905,900		10,507,413			10,507,413
	Net effect of dilutive put option agreements based on the reverse treasury method		16,500		18,000			—
	Net effect of dilutive stock options based on treasury stock method method		126,700		—			—
	Total average shares		10,049,100		10,525,413			10,507,413
	Fully diluted net income (loss) per share	$	1.66	$	(1.71	)	$	(1.48	)

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EXHIBIT 11.1

COMPUTATION OF INCOME (LOSS) PER COMMON SHARE