Exhibit 11
COMPUTATION OF EARNINGS PER COMMON SHARE
THREE MONTHS
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3/31/96 3/31/95
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PRIMARY
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Net earnings applicable to common stock:
Net earnings $204,507 $799,035
Deduct preferred stock dividends paid (31,830) (31,830)
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Net earnings applicable to common stock 172,677 767,205
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Weighted average number of common shares and
common equivalents outstanding:
Weighted average common shares outstanding 3,233,078 3,111,067
Additional shares assuming conversion of
options and warrants 604,087 341,519
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Weighted average number of common shares
and common equivalents outstanding 3,837,165 3,452,586
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Primary earnings per share $ .05 $ .22
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FULLY DILUTED*
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Net earnings applicable to common stock
on a fully diluted basis:
Net earnings applicable to common stock
per above 172,677 767,205
Add net interest expense related to
convertible debentures 39,600 40,862
Add dividends on convertible preferred stock 31,830 31,830
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Net earnings applicable to common stock on a fully
diluted basis $242,682 $839,897
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Total shares for fully diluted:
Shares used in calculating primary earnings
per share 3,837,165 3,452,586
Additional shares to be issued under full
conversion of convertible debentures 600,000 533,333
Addition shares to be issued under full
conversion of preferred stock 294,723 294,723
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Total shares for fully diluted $4,731,888 $4,280,642
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Fully diluted earnings per share $ .05 $ .20
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*This calculation is submitted in accordance with Securities Exchange Act of
1934 Release No. 9083, although not required by footnote 8, paragraph 40, of
APB No. 15 because it results in anti-dilution.