Exhibit 11
Net Income (Loss) Per Common Share Outstanding
Three Months Ended Six Months Ended
June 30, June 30,
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1995 1994 1995 1994
---- ---- ---- ----
Net income $ 38,921 $154,469 $ 42,890 $254,542
Less: Preferred stock
dividends (30,038) (30,038) (60,075) (60,075)
--------- --------- --------- ---------
Net income (loss) applicable
to common shares $ 8,883 $124,431 $(17,185) $194,467
========= ========= ========= =========
Weighted average number of
common shares outstanding 604,874 602,374 604,708 602,374
Common stock equivalents -- 20,903 -- 7,602
--------- --------- --------- ---------
Total weighted average number of
common and common equivalent
shares outstanding 604,874 623,277 604,708 609,976
Net income (loss) per common
share $ 0.01 $ 0.20 $ (0.03) $ 0.32
========= ========= ========= =========
With regard to the calculation of primary net income per common share for the
three months ended June 30, 1995, inclusion of common stock equivalents is
immaterial; for the six months ended June 30, 1995, inclusion is antidilutive.
For the three and six months ended June 30, 1994, common stock equivalents
have been added to the weighted average number of common shares outstanding to
reflect the effect of outstanding common stock options and warrants.
With regard to the calculation of fully diluted net income (loss) for the
three and six months ended June 30, 1995, and the six months ended June 30,
1994, assumption of the conversion of the preferred stock and resultant
elimination of the preferred stock dividends is antidilutive when compared to
primary net income (loss) per common share. For the three months ended June
30, 1994, assumption of the conversion of the preferred stock and resultant
elimination of the preferred stock dividends is immaterial when compared to
primary net income per common share.