NET INCOME
Net income (loss) applicable to common
shares for basic earnings per share

$1,108,889

$(390,744)

Net income (loss) applicable to common
shares for diluted earnings per share

$1,108,889

$(390,744)

SHARES OUTSTANDING
Weighted average shares for basic earnings per share

1,226,437

1,211,245

Net effect of dilutive stock options - based on the treasury stock method using year-end market price, if higher than average market price 

           78,624

       -*

Total shares for diluted earnings per share

1,305,061

1,211,245

Basic Earnings Per Common Share

$.90

$(.32)

Diluted Earnings Per Common Share

$.85

$(.32)