EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED, NINE MONTHS ENDED,
9/30/00 9/30/99 9/30/00 9/30/99
----------- ----------- ----------- -----------
BASIC
Net earnings applicable to common stock-
Income (Loss) before extraordinary gain $ 662,840 $ (248,134) $ (512,468) $ (504,850)
Less preferred dividends (31,830) (31,830) (95,490) (95,490)
----------- ----------- ----------- -----------
Net earnings applicable to common stock
before extraordinary gain 631,010 (279,964) (607,958) (600,340)
Extraordinary gain -- 4,089,465 -- 4,089,465
----------- ----------- ----------- -----------
Net income (loss) applicable to common stock $ 631,010 $ 3,809,501 $ (607,958) $ 3,489,125
=========== =========== =========== ===========
Weighted average number of common
shares outstanding 2,729,523 2,135,916 2,504,665 2,066,456
=========== =========== =========== ===========
EARNINGS (LOSS) PER SHARE-BASIC
Income (loss) before extraordinary item $ 0.23 $ (0.13) $ (0.24) $ (0.29)
Extraordinary item -- 1.91 -- 1.98
----------- ----------- ----------- -----------
Net income (loss) $ 0.23 $ 1.78 $ (0.24) $ 1.69
=========== =========== =========== ===========
DILUTED
Shares used in basic earnings per share 2,729,523 2,135,916 2,504,665 2,066,456
Additional shares assuming exercise of options
and exercise of puttable warrant (1) 3,121,399 -- -- --
----------- ----------- ----------- -----------
5,850,922 2,135,916 2,504,665 2,066,456
=========== =========== =========== ===========
EARNINGS (LOSS) PER SHARE-DILUTED
Income (loss) before extraordinary item $ 0.11 $ (0.13) $ (0.24) $ (0.29)
Extraordinary item -- 1.91 -- 1.98
----------- ----------- ----------- -----------
Net income (loss) $ 0.11 $ 1.78 $ (0.24) $ 1.69
=========== =========== =========== ===========
(1) Potentially dilutive securities for the three month period ended
September 30, 1999 and the nine month period ended September 30, 1999 and
2000 were not included in the calculation of diluted earnings per share
because their effect is antidilutive.