**Exhibit 11**

 

**EARNINGS PER SHARE COMPUTATION**

 

The factors used in the earnings per sharecomputation follow.

 
| ** **                                                                      | ** ** | **Six Months Ended  June 30,** | ** ** | **Three Months Ended  June 30,** | ** ** |
|---------------------------------------------------------------------------------|------------|-------------------------------------|------------|---------------------------------------|------------|
| ** **                                                                      | ** ** | **2005**                            | ** ** | **2004**                              | ** ** | **2005** | ** ** | **2004** | ** ** |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| Basic                                                                           |       |                                |       |                                  |       |   |   |   |   |
| Net income                                                                      |       | $                                   | 260,983    |                                  | $          | 513,827 |   | $ | 118,468 |   | $ | 247,021 |   |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| Weighted  average common shares outstanding                                     |       | 2,306,775                           |       | 2,295,775                             |       | 2,306,775 |   | 2,295,775 |   |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| Basic  earnings per common share                                                |       | $                                   | 0.11       |                                  | $          | 0.22 |   | $ | 0.05 |   | $ | 0.11 |   |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| Diluted                                                                         |       |                                |       |                                  |       |   |   |   |   |
| Net income                                                                      |       | $                                   | 135,308    |                                  | $          | 483,227 |   | $ | 34,694 |   | $ | 231,721 |   |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| Weighted  average common shares outstanding for basic earnings per common share |       | 2,306,775                           |       | 2,295,775                             |       | 2,306,775 |   | 2,295,775 |   |
| Add:  Dilutive effects of assumed exercises of stock options                    |       | 172,923                             |       | 50,661                                |       | 172,923 |   | 50,661 |   |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| Average  shares and dilutive potential common shares                            |       | 2,479,698                           |       | 2,346,436                             |       | 2,479,698 |   | 2,346,436 |   |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| Diluted  earnings per common share                                              |       | $                                   | 0.05       |                                  | $          | 0.21 |   | $ | 0.01 |   | $ | 0.10 |   |
|                                                                            |       |                                |       |                                  |       |   |   |   |   |
| No options  were antidilutive                                                   |       |                                |       |                                  |       |   |   |   |   |

 

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