Consolidated Statements of Stockholders' Equity

For the Years Ended December 31, 1994, 1995 and 1996

		Common Number of Shares	Stock $.01 Par Value	Additional Paid-in Capital	Retained Earnings	Unrealized Gain on Marketable Securities	Total Stock- holders' Equity
Balance, December 31, 1993		6,000,000	$60,000	$        -	$1,270,790	$        -	$01,330,790
Distributions (Note 3)		-	-	-	(1,750,000)	-	(1,750,000)
Net income		-	-	-	1,538,813	-	1,538,813
Balance, December 31, 1994		6,000,000	60,000	-	1,059,603	-	1,119,603
Distributions (Note 3)		-	-	-	(1,121,342)	-	(1,121,342)
Net income		-	-	-	2,027,266	-	2,027,266
Unrealized gain on available-for-sale securities		-	-	-	-	21,696	21,696
Balance, December 31, 1995		6,000,000	60,000	-	1,965,527	21,696	2,047,223
Issuance of common stock in initial public offering, net of issuance costs of $3,565,947		2,300,000	23,000	33,211,053	-	-	33,234,053
Distributions (Note 3)		-	-	-	(5,560,197)	-	(5,560,197)
Net income		-	-	-	4,004,272	-	4,004,272
Unrealized gain on available-for-sale securities		-	-	-	-	36,404	36,404
Balance, December 31, 1996		8,300,000	$83,000	$33,211,053	$0409,602	$58,100	$33,761,755

The accompanying notes are an integral part of these consolidated financial statements.