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                                                                      EXHIBIT 11



                                  2001          2000          1999          1998             1997
                               ----------    ----------    ----------    ----------    -------------
                                                                        
Weighted average number of
shares outstanding              3,463,895     3,495,221     3,492,501     4,262,686        4,369,727
Add common stock
equivalents                        62,619        17,303        19,607        22,536           14,222
                               ----------    ----------    ----------    ----------    -------------

Adjusted weighted average
shares outstanding              3,526,514     3,512,524     3,512,108     4,285,222        4,383,949
                               ==========    ==========    ==========    ==========    =============

Net Income:                    $  251,000    $2,010,000    $2,493,000    $2,038,000    $   1,639,000
                               ==========    ==========    ==========    ==========    =============

Earnings per share:
and fully diluted:  Basic      $      .07    $      .57    $      .71    $      .48    $         .37
                    Diluted    $      .07    $      .57    $      .71    $      .48    $         .37
                                             ==========    ==========    ==========    =============


               Earnings per common and common equivalent shares are based upon
       the weighted average number of shares of common stock and common stock
       equivalents outstanding during the respective periods. Stock options have
       been considered to be the equivalent of common stock. Shares issuable
       upon exercise of stock options, to the extent appropriate, have been
       added to the average common shares actually outstanding for purposes of
       this computation, and shares assumed to be purchased at the average
       market price during the respective periods, with proceeds from the
       exercise of such options, have been deducted from the average shares
       outstanding.


                                      E-20