EXHIBIT 11 Computation of Weighed Average Number of Shares of Common Stock Year Ended December ------------------------ 1994 1995 1996 ------ ------ ------ Shares outstanding at beginning of period ........... 9,027 9,057 11,000 Weighted average shares issued ...................... 5 1,460 3,045 Incremental shares of common stock outstanding giving effect to stock options and warrant ....... 592 1,096 451 ------ ------ ------ Weighted average shares for earnings per share ...... 9,624 11,613 14,496 ====== ====== ======