EXHIBIT NO. 11



STATEMENT OF COMPUTATION OF EARNINGS PER SHARE



|                                          |  |                               |  |                                 |      |        |       |                    |   |     
|----------------------------------------- |  | ----------------------------- |  | ------------------------------- | ---- | ------ | ----- | ------------------ | - | ----
|                                          |  | Six Months EndedJune 30, 2004 |  | Three Months EndedJune 30, 2004
|                                          |  | Shares                        |  | Earnings Per Share              |      | Shares |       | Earnings Per Share
|                                          |  | (in Thousands)                |  | (in Thousands)                 
|Basic Weighted Average Shares Outstanding |  | 5,334                         |  | $                               | 1.07 |        | 5,579 |                    | $ | 0.54
|                                          |  |                               |  |                                 |      |        |       |                    |   |     
|Diluted                                   |  |                               |  |                                 |      |        |       |                    |   |     
|Average Shares Outstanding                |  | 5,334                         |  |                                 |      |        | 5,579 |                    |   |     
|Common Stock Equivalents                  |  | 162                           |  |                                 |      |        | 123   |                    |   |     
|                                          |  |                               |  |                                 |      |        |       |                    |   |     
|                                          |  | 5,496                         |  | $                               | 1.04 |        | 5,702 |                    | $ | 0.53
|                                          |  |                               |  |                                 |      |        |       |                    |   |     
|                                          |  |                              
|                                          |  | Six Months EndedJune 30, 2003 |  | Three Months EndedJune 30, 2003
|                                          |  | Shares                        |  | Earnings Per Share              |      | Shares |       | Earnings Per Share
|                                          |  | (in Thousands)                |  | (in Thousands)                 
|Basic Weighted Average Shares Outstanding |  | 3,699                         |  | $                               | 0.93 |        | 3,983 |                    | $ | 0.47
|                                          |  |                               |  |                                 |      |        |       |                    |   |     
|Diluted                                   |  |                               |  |                                 |      |        |       |                    |   |     
|Average Shares Outstanding                |  | 3,699                         |  |                                 |      |        | 3,983 |                    |   |     
|Common Stock Equivalents                  |  | 132                           |  |                                 |      |        | 134   |                    |   |     
|                                          |  |                               |  |                                 |      |        |       |                    |   |     
|                                          |  | 3,831                         |  | $                               | 0.90 |        | 4,117 |                    | $ | 0.46
|                                          |  |                               |  |                                 |      |        |       |                    |   |