Exhibit 11

              Net Income (Loss) Per Common Share Outstanding
                        
                        
                                          For the Three Months Ended
                                                   March 31,        
                                              1995          1994
                                             -------       -------
                                                    
Net income                                  $  3,969      $100,073

Less:  Preferred stock dividends             (30,038)      (30,038)
                                             -------        ------
Net income (loss) applicable to common
     shares                                 $(26,069)     $ 70,035
                                              ======        ======

Weighted average number of common shares
     outstanding                             604,541       602,374


Net income (loss) per common share          $   (.04)     $   0.12
                                              ======        ======
<FN>
Note:  With regard to the calculation of primary net loss per common share 
       for the three months ended March 31, 1995, inclusion of common stock
       equivalents is anti-dilutive.  With regard to the calculation of 
       primary net income per common share for the three months ended March 
       31, 1994, inclusion of common stock equivalents is immaterial.

       With regard to fully diluted net income per common share for the three
       months ended March 31, 1995 and 1994, assumption of the conversion of
       the preferred stock and the resultant elimination of the preferred 
       stock dividends is anti-dilutive when compared to primary net income 
       (loss) per common share.
</FN>