EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share data)
(a) Computation of the weighted average number of shares of common stock outstanding for the fiscal years ended the years ended December 31, 2002, 2003 and 2004.
Shares of | Weighted Shares | |||||||
Common Stock | Outstanding | |||||||
2002 | ||||||||
January 1, 2002 to December 31, 2002 | 10,520 | 10,520 | ||||||
Shares issued on exercise of stock options | 255 | 195 | ||||||
Shares issued under Directors Stock Plan | 3 | 1 | ||||||
Shares issued to BellSouth Wireless for the conversion of 30,000 preferred stock shares into 625,000 common shares, converted on December 2, 2002 | 625 | 50 | ||||||
Total | 11,403 | 10,766 | ||||||
2003 | ||||||||
January 1, 2003 to December 31, 2003 | 11,403 | 11,403 | ||||||
Shares issued on exercise of stock options | — | — | ||||||
Shares issued under Directors Stock Plan | 12 | 7 | ||||||
Shares purchased as treasury stock from BellSouth Wireless on March 28, 2003 | (625 | ) | (476 | ) | ||||
Total | 10,790 | 10,934 | ||||||
2004 | ||||||||
January 1, 2004 to December 31, 2004 | 10,790 | 10,790 | ||||||
Shares issued on exercise of stock options | — | — | ||||||
Shares issued under Directors Stock Plan | 7 | 5 | ||||||
Shares issued under Employee Stock Plan | 5 | 2 | ||||||
Shares issued to Laurus Master Fund, Inc. on December 23, 2004 | 10 | 1 | ||||||
Total | 10,812 | 10,798 | ||||||
(b) Computation of Earnings per Share
Computation of earnings per share is net earnings (loss) divided by the weighted average number of shares of common stock outstanding for the years ended December 31, 2002, 2003 and 2004.
2002 | 2003 | 2004 | ||||||||||
Net loss | $ | (7,690 | ) | $ | (1,404 | ) | $ | (2,079 | ) | |||
Weighted average number of shares of common stock outstanding | 10,766 | 10,934 | 10,798 | |||||||||
Basic loss per share | $ | (0.71 | ) | $ | (0.13 | ) | $ | (0.19 | ) | |||
Diluted loss per share | $ | (0.71 | ) | $ | (0.13 | ) | $ | (0.19 | ) |
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