Exhibit 11
COMPUTATION OF EARNINGS PER COMMON SHARE
THREE MONTHS SIX MONTHS
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6/30/97 6/30/96 6/30/97 6/30/96
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PRIMARY
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Net earnings applicable to common stock:
Net earnings/(loss) $ 58,169 $ 254,234 $(283,494) $458,741
Deduct preferred stock dividends paid (31,830) (31,830) (63,660) (63,660)
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Net earnings/(loss) applicable to common stock $ 26,339 $222,404 $(347,154) $395,081
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Weighted average number of common shares and
common equivalents outstanding:
Weighted average common shares outstanding 4,955,209 3,251,852 4,872,268 3,242,465
Additional shares assuming conversion of
options and warrants 276,225 453,802 323,746 519,686
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Weighted average number of common shares
and common equivalents outstanding 5,231,434 3,705,654 5,196,014 3,762,151
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Primary earnings/(loss) per share $ 0.01 $ 0.06 $ (0.07) $ 0.11
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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 $ 26,339 $ 222,404 $ 395,081
Add net interest expense related to convertible
debentures 84,375 19,500 39,000
Add dividends on convertible preferred stock 31,830 31,830 63,660
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Net earnings applicable to common stock on a fully
diluted basis $142,544 $273,734 $497,741
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Total shares for fully diluted:
Shares used in calculating primary earnings per share 5,231,434 3,705,654 3,762,151
Additional shares to be issued under full dilution using
ending market price 660 -- --
Additional shares to be issued under full conversion of
convertible debentures 1,000,000 600,000 600,000
Additional shares to be issued under full conversion of
preferred stock 294,723 294,723 294,723
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Total shares for fully diluted 6,526,817 4,600,377 4,656,874
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Fully diluted earnings per share $ 0.02 $ 0.06 $ 0.11
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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.
In addition, common equivalent shares are not
considered in the computation of earnings per
common share for March 31, 1997, as the impact
would be antidilutive.
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