EXHIBIT 11 - STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the three For the three For the six For the six
Months ended Months ended Months ended Months ended
June 30, June 30, June 30, June 30,
1995 1996 1995 1996
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(In thousands, except share and per-share amounts)
Income(loss) before extraordinary items $ 2,332 $ 4,553 $ (7,557) $ 4,936
Extraordinary loss 0 (2,215) (8,462) (2,215)
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Net income (loss) $ 2,332 $ 2,338 $ (16,019) $ 2,721
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Calculation of primary earnings (loss) per share:
Weighted average shares outstanding 6,313,000 9,191,006 5,905,000 7,752,243
Common stock equivalents (options & warrants) * 730,709 * 703,089
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Total weighted average shares outstanding 6,313,000 9,921,715 5,905,000 8,455,332
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Income (loss) before extraordinary items $ 0.37 $ 0.46 $ (1.28) $ 0.58
Extraordinary loss 0.00 (0.22) (1.43) (0.26)
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Net income (loss) $ 0.37 $ 0.24 $ (2.71) $ 0.32
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Calculation of fully diluted earnings (loss) per share:
Weighted average shares outstanding 6,313,000 9,191,006 5,905,000 7,752,243
Common stock equivalents (options & warrants) * 776,503 * 776,503
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Total weighted average shares outstanding 6,313,000 9,967,509 5,905,000 8,528,746
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Income (loss) before extraordinary items $ 0.37 $ 0.46 $ (1.28) $ 0.58
Extraordinary loss 0.00 (0.22) (1.43) (0.26)
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Net income (loss) $ 0.37 $ 0.23 $ (2.71) $ 0.32
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* Excluded as such amounts are anti-dilutive