<PAGE>   1

                                   EXHIBIT 11

                        COMPUTATION OF PER SHARE EARNINGS


<TABLE>
<CAPTION>
                                                                     YEAR ENDED DECEMBER 31
                                       --------------------------------------------------------------------------------------
                                                          1998                                    1997                       
                                       -----------------------------------    ---------------------------------------------- 
                                                     WEIGHTED AVG.   PER                        WEIGHTED AVG.        PER     
                                          INCOME        SHARES      SHARE        INCOME            SHARES          SHARE     
                                       (NUMERATOR)   (DENOMINATOR)  AMOUNT     (NUMERATOR)     (DENOMINATOR)       AMOUNT    
                                       -----------   -------------  ------     -----------     -------------       ------    
<S>                                     <C>           <C>             <C>       <C>             <C>                <C>       
Income from continuing operations        $3,923,000                             $3,205,000                                  
Less: Preferred stock
    dividends ...................            --                                     --
Net Income Per Share - Basic:
Income available to common
    shareholders ................        $3,923,000    8,119,839      $.48      $3,205,000      8,100,055          $.40      
Effect of Dilutive Securities:
Options granted to employees ....                        349,902                                  274,436                    
Options granted to nonemployee
    directors ...................                         40,024                                   35,386                    
Net Income Per Share - Diluted:
Income available to common
    shareholders plus assumed
    conversions .................        $3,923,000    8,509,765      $.46      $3,205,000      8,409,877          $.38      


                                             YEAR ENDED DECEMBER 31
                                       ---------------------------------------------
                                                            1996
                                          ------------------------------------------
                                                           WEIGHTED AVG.      PER
                                              INCOME         SHARES          SHARE
                                           (NUMERATOR)    (DENOMINATOR)      AMOUNT
                                           -----------    -------------      ------
<S>                                       <C>             <C>               <C> 
Income from continuing operations          $3,056,000
Less: Preferred stock
     dividends....................            (12,000)
Net Income Per Share - Basic:
Income available to common
    shareholders ................          $3,044,000      8,096,961          $.38
Effect of Dilutive Securities:
Options granted to employees ....                             84,783
Options granted to nonemployee
    directors ...................                             16,312
Net Income Per Share - Diluted:
Income available to common
    shareholders plus assumed
    conversions .................          $3,044,000      8,198,056          $.37
</TABLE>




                                      71