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EXHIBIT 11.1

COMPUTATION OF INCOME (LOSS) PER COMMON SHARE

		Year Ended December 31,
		2003		2002		2001
Diluted net income (loss) per share:
	Net income (loss) to common shareholders	$	5,399,000	$	16,705,000	$	(17,946,000	)
	Weighted average shares outstanding		8,651,500		9,905,900		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		115,900		126,700		—
Diluted weighted average shares outstanding			8,767,400		10,049,100		10,525,413
Fully diluted net income (loss) per share		$	0.62	$	1.66	$	(1.71	)

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EXHIBIT 11.1

COMPUTATION OF INCOME (LOSS) PER COMMON SHARE