EXHIBIT 11.1
COMPUTATION OF INCOME (LOSS) PER SHARE
1990 1991 1992 1993 1994
----------- ----------- ----------- ----------- -----------
AVERAGE NUMBER OF SHARES OUTSTANDING 16,800,000 16,800,000 16,800,000 16,800,000 16,800,000
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS
AND ACCOUNTING CHANGES (20,274,000) (27,006,000) (7,555,000) 3,364,000 24,348,000
EXTRAORDINARY ITEMS 27,749,000 31,188,000 0 0 0
ACCOUNTING CHANGES 0 0 0 (46,626,000) 0
----------- ----------- ----------- ----------- -----------
NET INCOME (LOSS) 7,475,000 4,182,000 (7,555,000) (43,262,000) 24,348,000
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
INCOME (LOSS) PER SHARE:
BEFORE EXTRAORDINARY ITEMS
AND ACCOUNTING CHANGES (1.21) (1.61) (0.45) 0.20 1.45
EXTRAORDINARY ITEMS 1.66 1.86 0.00 0.00 0.00
ACCOUNTING CHANGES 0.00 0.00 0.00 (2.78) 0.00
----------- ----------- ----------- ----------- -----------
NET INCOME (LOSS) PER SHARE 0.45 0.25 (0.45) (2.58) 1.45
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
PRIMARY:
- ---------------------------
AVERAGE NUMBER OF SHARES OUTSTANDING 16,800,000 16,800,000 16,800,000 16,800,000 16,800,000
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
FULLY DILUTED:
- ---------------------------
AVERAGE NUMBER OF SHARES OUTSTANDING 16,800,000 16,800,000 16,800,000 16,800,000 16,800,000
NET EFFECT OF DILUTIVE STOCK OPTIONS, USING
AN ASSUMED ISSUE PRICE OF $11 PER SHARE 134,977 134,977 134,977 134,977 134,977
----------- ----------- ----------- ----------- -----------
TOTAL FULLY DILUTED SHARES 16,934,977 16,934,977 16,934,977 16,934,977 16,934,977
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
NOTE: SHARES SUBJECT TO STOCK OPTIONS ARE NOT INCLUDED IN THE EARNINGS PER
SHARE COMPUTATION BECAUSE THE PRESENT EFFECT THEREOF IS NOT MATERIALLY DILUTIVE