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Exhibit 11.1

COMPUTATION OF PER SHARE EARNINGS

		Quarter Ended June 30,				Six Months Ended June 30,
		2003		2002		2003		2002
Diluted net income per share:
	Net income to common Shareholders	$	2,586,000	$	10,738,000	$	4,246,000	$	10,157,000
	Average number of shares Outstanding		8,603,450		9,800,370		8,549,057		10,103,388
Net effect of dilutive stock options based on treasury stock method			658,000		14,000		658,000		14,000
Net effect of dilutive put option agreements based on the reverse treasury method			—		118,993		—		79,829
	Total average shares		9,261,450		9,933,363		9,207,057		10,197,217
	Diluted net income per share	$	0.28	$	1.08	$	0.46	$	1.00

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Exhibit 11.1