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,
1996 1997 1996 1997
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(IN THOUSANDS, EXCEPT SHARE AND PER-SHARE AMOUNTS)
INCOME(LOSS) BEFORE EXTRAORDINARY ITEMS $ 4,553 $ 8,957 $ 4,936 $ 24,399
EXTRAORDINARY LOSS (2,215) 0 (2,215) (3,270)
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NET INCOME (LOSS) $ 2,338 $ 8,957 $ 2,721 $ 21,129
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CALCULATION OF PRIMARY EARNINGS (LOSS) PER SHARE:
WEIGHTED AVERAGE SHARES OUTSTANDING 9,191,006 15,238,652 7,752,243 14,505,260
COMMON STOCK EQUIVALENTS (OPTIONS & WARRANTS) 730,709 1,103,598 703,089 1,004,128
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TOTAL WEIGHTED AVERAGE SHARES OUTSTANDING 9,921,715 16,342,250 8,455,332 15,509,388
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS $ 0.46 $ 0.55 $ 0.58 $ 1.57
EXTRAORDINARY LOSS (0.22) 0.00 (0.26) (0.21)
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NET INCOME (LOSS) $ 0.24 $ 0.55 $ 0.32 $ 1.36
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CALCULATION OF FULLY DILUTED EARNINGS (LOSS) PER SHARE:
WEIGHTED AVERAGE SHARES OUTSTANDING 9,191,006 15,238,652 7,752,243 14,505,260
COMMON STOCK EQUIVALENTS (OPTIONS & WARRANTS) 776,503 1,379,320 776,503 1,379,319
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TOTAL WEIGHTED AVERAGE SHARES OUTSTANDING 9,967,509 16,617,972 8,528,746 15,884,579
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS $ 0.46 $ 0.54 $ 0.58 $ 1.54
EXTRAORDINARY LOSS (0.22) 0.00 (0.26) (0.21)
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NET INCOME (LOSS) $ 0.23 $ 0.54 $ 0.32 $ 1.33
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