Exhibit 11
COMPUTATION OF PER SHARE EARNINGS
For the quarter ended June 30, 2000
No. Days in Cumulative Days No. Shares Weighted Ave.
Month in Year Weighting Outstanding Shares Out
----------- --------------- --------- ----------- -------------
January 31 31 17.03% 5,822,222 991,697
February 29 60 15.93% 5,822,222 927,717
March 31 91 17.03% 5,822,722 991,782
April 30 121 16.48% 5,822,722 959,789
May 31 152 17.03% 5,822,822 991,799
June 30 182 16.48% 5,828,281 960,706
----------- --------- -------------
182 100.00% 5,823,491
Add: fully diluted from Employee Stock Options - Year to Date 0
Add: fully diluted from conversion of preferred stock 0
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Average diluted shares outstanding at month end - year to date 5,823,491
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Net income (loss) for the period ($3,122,000)
Earnings per share - diluted ($ 0.54)
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Second Quarter
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April 30 30 32.97% 5,822,722 1,919,579
May 31 61 34.07% 5,822,822 1,983,599
June 30 91 32.97% 5,828,281 1,921,411
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5,824,589
Add: fully diluted from Employee stock Options - 2nd quarter 0
Add: fully diluted from conversion of preferred stock 0
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Average diluted shares outstanding at month end - 2nd quarter 5,824,589
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Net income (loss) for the period ($1,570,000)
Earnings per share - diluted ($ 0.27)
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