EXHIBIT 11
STATEMENTS RE COMPUTATIONS OF NET INCOME (LOSS) PER SHARE
YEAR ENDED DECEMBER 31,
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1994 1995 1996
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PRIMARY NET INCOME (LOSS) PER SHARE
Net Income (Loss) $ 1,936,000 $(35,778,000) $ 24,328,000
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Weighted Average Number of
Common and Common Equivalent Shares:
Common Stock Outstanding 16,003,976 23,440,754 35,834,714
Assumed Exercise of(1):
Common Stock Options 1,752,936 -- 1,772,250
Common Stock Warrants 2,103,256 -- 2,872,044
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Total 19,860,168 23,440,754 40,479,008
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Net Income (Loss) Per Share $ 0.10 $ (1.53) $ 0.60
FULLY DILUTED NET INCOME (LOSS) PER SHARE
Net Income (Loss) $ 1,936,000 $(35,778,000) $ 24,328,000
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Weighted Average Number of
Common and Common Equivalent
Shares Assuming Issuance of All
Dilutive Contingent Shares:
Common Stock Outstanding 16,003,976 23,440,754 35,834,714
Assumed Exercise of(1):
Common Stock Options 1,999,924 -- 2,104,826
Common Stock Warrants 2,733,960 -- 3,562,230
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Total 20,737,860 23,440,754 41,501,770
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Net Income (Loss) Per Share $ 0.10 $ (1.53) $ 0.59
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(1) Computed based on the treasury stock method.