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,
1999 1998 1999 1998
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Basic Net Income (Loss) per Common Share:
Numerator:
Net income (loss) for the period $ 2,053,745 127,298 279,640 398,518
Series A preferred stock dividends (225,000) (225,000) (75,000) (75,000)
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Net income (loss) attributable to
common shares $ 1,828,745 (97,702) 204,640 323,518
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Denominator:
Actual common shares outstanding:
Beginning of period 1,943,935 1,897,780 1,969,935 1,951,427
End of period 2,029,313 1,943,935 2,029,313 1,943,935
Weighted average for the period
(Based on the actual days which
the incremental shares, if any,
were outstanding) 1,967,715 1,920,703 1,993,091 1,950,043
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Basic net income (loss) per common share $ 0.93 (0.05) 0.10 0.17
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Diluted Net Income (Loss) per Common Share:
Numerator:
Net income (loss) attributable to
common shares $ 1,828,745 (97,702) 204,640 323,518
Impact of assumed conversions:
Series A preferred stock dividends 225,000 - - -
Convertible debenture interest, net of tax 186,000 - - -
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$ 2,239,745 (97,702) 204,640 323,518
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Denominator:
Weighted average common shares outstanding 1,967,715 1,920,703 1,993,091 1,950,043
Impact of assumed conversions:
Common share equivalents resulting
from Ain-the-money@ stock options 29,677 34,630 35,816 45,274
Series A preferred stock 574,351 - - -
Convertible debentures 555,555 - - -
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3,127,298 1,955,333 2,028,907 1,995,317
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Diluted net income (loss) per common share $ 0.72 (0.05) 0.10 0.16
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Note:The assumed conversions of the Series A preferred stock and the
convertible debentures were excluded from the 1998 computations of
diluted net income (loss) per common share and the three months ended
September 30, 1999 computation of diluted net income (loss) per common
share because the effect would be antidilutive for such periods.