EXHIBIT 11.1

COMPUTATION OF PER SHARE EARNINGS

	Quarter Ended September 30,				Nine months Ended September 30,
	2004		2003		2004			2003
Diluted net income (loss) per share:
Net income (loss) to common shareholders	$	891,000	$	554,000	$	(4,882,000	)	$	4,800,000
Average number of shares outstanding	8,380,173		8,670,575		8,490,376			8,585,550
Net effect of dilutive stock options based on treasury stock method	4,973		1,075,666		—			1,075,666
Total average shares	8,385,146		9,746,241		8,490,376			9,661,216
Diluted net income (loss) per share	$	0.11	$	0.06	$	(0.58	)	$	0.50