In this paper, a token-controlled network with exhaustive service strategy is analyzed. The mean and variance of service time of a station, and the mean token rotation time on the network are derived under the condition that the buffer capacity of each station is individually finite. For analysis, an extended stochastic Petri-net model of a station is presented. Then, by analyzing the model, the mean service time of a station and the mean token rotation time are derived, as functions of the given network parameters such as the total number of stations on the network, the arrival rate of frames, the transmission rate of frames, and the buffer capacity. The variance of service time of a station is also derived. By examining derived results, it is shown that they exactly describe the actual operations of the network. In addition, computer simulations with sufficient confidence intervals help to validate the results.