Exhibit 11
Computation of Primary Earnings Per Share
Primary Earnings Per Share of Common Stock and Common Stock Equivalents
Years Ended December 31,
-------------------------------------
1994 1995 1996
----------- ----------- -----------
Net income applicable to common stock $ 3,173,491 $ 2,641,822 $ 103,875
Add back dividends on the assumed conversion of Series A
Preferred Stock 95,625 - -
----------- ----------- -----------
Adjusted net income applicable to common stock $ 3,269,116 $ 2,641,822 $ 103,875
=========== =========== ===========
Average number of common shares outstanding 5,359,551 6,789,151 6,999,085
Add:
Assumed conversion of Series A Preferred Stock 1,497,922 - -
Assumed conversion of Series B Preferred Stock 4,938 1,777,777 1,777,777
Assumed exercise of dilutive stock options 2,060,530 1,986,626 1,763,865
----------- ----------- -----------
Total common stock and common stock equivalent 8,922,941 10,553,554 10,540,729
=========== =========== ===========
Net income per share assuming dilution of common
stock equivalents $ 0.37 $ 0.25 $ 0.01
=========== =========== ===========