EXHIBIT 11
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
----------------------------
June 27, June 28,
1997 (1) 1996 (1)
---------- ----------
Weighted average number of common and common equivalent
shares outstanding:
Weighted average number of shares of common
stock outstanding during the period 4,701,760 4,107,473
Incremental shares assumed to be outstanding
related to common stock options granted and
outstanding 588,800 449,529
Incremental shares assumed to be outstanding
related to common stock warrants issued and
outstanding 675,000 390,769
Shares of common stock assumed to be purchased
upon exercise of outstanding options and
warrants based on average market price (940,352) (446,039)
---------- -----------
Weighted average number of common and common
equivalent shares outstanding - Primary earnings
per share 5,025,208 4,501,732
Adjustment of number of shares assumed to
be purchased upon exercise of options and
warrants based on the closing market price -- --
---------- -----------
Weighted average number of common and common
equivalent shares outstanding - Earnings per
share assuming full dilution 5,025,208 4,501,732
========== ===========
Net income (loss) $ 37,130 $ 585,080
Adjustment of interest expense (income), net
of tax effect, due to 20% limitation on purchase
of shares upon exercise of outstanding options
and warrants based on average market price 60,321 --
---------- -----------
Net income - Primary earnings per share 97,451 585,080
Additional adjustment of interest expense (income),
net of tax effect, due to 20% limitation on purchase
of shares upon exercise of outstanding options
and warrants based on closing market price (16,200) --
---------- -----------
Net income - Earnings per share assuming
full dilution $ 81,251 $ 585,080
========== ===========
Net income (loss) per share:
Primary $ 0.02 $ 0.13
========== ===========
Assuming full dilution $ 0.02 $ 0.13
========== ===========
(1) Computations do not reflect exercise of outstanding options and warrants if
the effect thereof is anti-dilutive except as required by Accounting
Principles Board Opinion No. 15 (APB #15) under the modified treasury stock
method, and except as required by Securities and Exchange Commission
Accounting Bulletin Topic 4D, stock options granted during the twelve
months prior to the Company's initial public offering at prices below the
public offering price have been included in the calculation of weighted
average shares of common stock as if they were outstanding as of the
beginning of the periods presented.