EXHIBIT 11.1 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three months ended Six months ended
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June 30, June 30, June 30, June 30,
1997 1996 1997 1996
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Primary:
Average Common shares outstanding..... 14,433,291 8,685,142 14,378,116 8,675,835
Net effect of dilutive stock options-
based on the treasury stock
method using average fair market
price............................. -- 429,006 -- 401,435
Net effect of dilutive warrants -
based on the treasury stock method
using average fair market price... -- 56,053 -- 54,162
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Total shares.......................... 14,433,291 9,170,201 14,378,116 9,131,432
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Net income (loss)..................... $(10,961,211) $1,363,838 $(22,580,117) $2,621,339
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Per share amount...................... $ (0.76) $ 0.15 $ (1.57) $ 0.29
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Fully diluted:
Average Common shares outstanding..... 14,433,291 8,685,142 14,378,116 8,675,835
Net effect of dilutive stock options-
based on the treasury stock
method using average fair market
price at the end of the period.... -- 429,018 -- 419,092
Net effect of dilutive warrants -
based on the treasury stock method
using average fair market price
at the end of the period.......... -- 56,053 -- 56,000
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Total shares.......................... 14,433,291 9,170,213 14,378,116 9,150,927
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Net income (loss)..................... $(10,961,211) $1,363,838 $(22,580,117) $2,621,339
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Per share amount...................... $ (0.76) $ 0.15 $ (1.57) $ 0.29
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