Exhibit 11
Statement re: Computation of Per Share Earnings
Six Months Six Months Three Months Three Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
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Basic Net Income (Loss) per Common Share:
Numerator:
Net income (loss) for the period $ (221,327) 1,774,105 10,888 2,119,723
Series A preferred stock dividends (150,000) (150,000) (75,000) (75,000)
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Net income (loss) attributable to
common shares $ (371,327) 1,624,105 (64,112) 2,044,723
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Denominator:
Actual common shares outstanding:
Beginning of period 2,029,313 1,943,935 2,020,278 1,963,935
End of period 2,022,530 1,969,935 2,022,530 1,969,935
Weighted average for the period
(Based on the actual days which
the incremental shares, if any,
were outstanding) 2,020,641 1,955,027 2,015,106 1,965,451
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Basic net income (loss) per common share $ (0.18) 0.83 (0.03) 1.04
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Diluted Net Income (Loss) per Common Share:
Numerator:
Net income (loss) attributable to
common shares $ (371,327) 1,624,105 (64,112) 2,044,723
Impact of assumed conversions:
Series A preferred stock dividends - 150,000 - 75,000
Convertible debenture interest, net of tax - 124,000 - 62,000
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$ (371,327) 1,898,105 (64,112) 2,181,723
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Denominator:
Weighted average common shares outstanding 2,020,641 1,955,027 2,015,106 1,965,451
Impact of assumed conversions:
Common share equivalents resulting
from "in-the-money" stock options - 26,608 - 32,023
Series A preferred stock - 594,859 - 558,140
Convertible debentures - 555,555 - 555,555
---------------- -------- ---------------- --------
2,020,641 3,132,049 2,015,106 3,111,169
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Diluted net income (loss) per common share $ (0.18) 0.61 (0.03) 0.70
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Note:The assumed conversion of the convertible debentures and the Series A
preferred stock were excluded from the 2000 computations of diluted net
income (loss) per common share because the effect would be antidilutive for
the periods presented.
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