Exhibit 11
Statement re: Computation of Per Share Earnings
Nine Months Nine Months Three Months Three Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
2001 2000 2001 2000
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Basic Net Income (Loss) per Common Share:
- ----------------------------------------
Numerator:
Net income (loss) for the period $ (2,267,781) $ (201,816) $ (450,508) $ 19,511
Preferred stock dividends (208,125) (225,000) (69,375) (75,000)
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Net income (loss) attributable to common shares $ (2,475,906) $ (426,816) $ (519,883) $ (55,489)
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Denominator:
Actual common shares outstanding:
Beginning of period 2,025,023 2,029,313 2,015,885 2,020,530
End of period 2,015,885 2,028,244 2,015,885 2,028,244
Weighted average for the period
(Based on the actual days which the
incremental shares, if any,
were outstanding) 2,016,934 2,021,892 2,015,885 2,024,393
=================== ============== ================ ===============
Basic net income (loss) per common share $ (1.23) $ (0.21) $ (0.26) $ (0.03)
=================== ============== ================ ===============
Diluted Net Income (Loss) per Common Share:
- ------------------------------------------
Numerator:
Net income (loss) attributable to common shares $ (2,475,906) $ (426,816) $ (519,883) $ (55,489)
=================== ============== ================ ===============
Denominator:
Weighted average common shares outstanding 2,016,934 2,021,892 2,015,885 2,024,393
Effect of common share equivalents resulting from
"in-the-money" stock options outstanding
during the period - * - * - * - *
Additional shares from assumed conversion
of convertible debentures - * - * - * - *
Additional shares from assumed conversion
of convertible preferred stock - * - * - * - *
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Weighted average number of common and
common equivalent shares used to calculate
diluted net income (loss) per common share 2,016,934 2,021,892 2,015,885 2,024,393
=================== ============== ================ ===============
Diluted net income (loss) per common share $ (1.23) $ (0.21) $ (0.26) $ (0.03)
=================== ============== ================ ===============
* Note: The assumed conversion of the convertible debentures and the convertible
preferred stock and the effect of "in-the-money" stock options were excluded
from the 2001 and 2000 computations of diluted net income (loss) per common
share because the effects would be antidilutive.
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