EXHIBIT 11.1
STATEMENT OF COMPUTATION OF EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
YEARS ENDED DECEMBER
31,
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1994 1995
--------- --------- NINE MONTHS ENDED
SEPTEMBER 30,
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1995 1996
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(UNAUDITED) (UNAUDITED)
HISTORICAL EARNINGS PER SHARE
Net income (loss)................................................ $ 26 $ 1,240 $ 533 $ (46)
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Weighted average common shares outstanding....................... 6,664 6,664 6,664 6,664
Net effect of dilutive common share equivalents (stock options)
using the treasury stock method................................. -- -- -- --
Effect of assumed conversion of redeemable preferred stock....... -- 290 -- --
Adjustments to reflect requirements of the Securities and
Exchange Commission (Effect of SAB 83).......................... 541 541 541 541
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Adjusted shares outstanding...................................... 7,205 7,495 7,205 7,205
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Historical net income (loss) per common share.................... $ 0.00 $ 0.17 $ 0.07 $ (0.01)
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YEAR ENDED
DECEMBER 31,
--------------
1995
-------------- NINE MONTHS ENDED
SEPTEMBER 30,
--------------------
1996
--------------------
(UNAUDITED)
PRO FORMA EARNINGS PER SHARE
Net income (loss)........................................................... $ 1,240 $ (46)
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Weighted average common shares outstanding.................................. 6,664 6,664
Net effect of dilutive common share equivalents (stock options) using the
treasury stock method...................................................... -- --
Effect of assumed conversion of preferred shares............................ 290 1,603
Adjustments to reflect requirements of the Securities and Exchange
Commission (Effect of SAB 83).............................................. 541 541
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Adjusted shares outstanding................................................. 7,495 8,808
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Pro Forma net income (loss) per common share................................ $ 0.17 $ (.01)
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