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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.