Nine months' Three months'
Nine Months Ended Three Months ended weighting factor weighting factor
September 30, September 30, (in months) (in months)
1996 1995 1996 1995 1996 1995 1996 1995
---- ---- ---- ---- ---- ---- ---- ----
Issuance of common stock, June 1993 375,000 375,000 375,000 375,000 9 6 3 3
Sale of common stock, October 1993 125,000 125,000 125,000 125,000 9 6 3 3
Sale of common stock, March 1995
1,250,000 shares 1,250,000 972,278 1,250,000 1,250,000 9 7 3 3
Shares issued upon exercise of
options and warrants 109,506 -- 247,411 -- see below see below
SAB 83 shares - see below -- 35,222 -- -- 9 2 0 0
--------- --------- --------- ---------
Common stock and equivalents 1,859,506 1,507,500 1,997,411 1,750,000
========= ========= ========= =========
Computation of weighted average number of shares issued
upon exercise of options and warrants:
Nine months' Three months'
weighting factor weighting factor
Shares (in days) (in days)
Date Issued 1996 1996
- ---- ------ ---- ----
5/1/96 12,500 6,944 12,500
6/1/96 200,000 88,889 200,000
6/3/96 12,500 5,417 12,500
6/7/96 4,000 1,674 4,000
6/18/96 4,000 1,511 4,000
6/18/96 6,000 2,267 6,000
7/8/96 2,500 759 2,278
7/9/96 2,000 600 1,800
8/22/96 7,500 1,444 4,333
9/18/96 200,000 8,889 26,667
------- -------
Total 109,506 247,411
======= =======
SAB 83 Calculation (treasury stock method)
June, 1995
Incremental
Options/Warrants Price/Share Proceeds Shares
Options issued in December, 1994 360,000 $3.75 1,350,000
---------
IPO price 5.00
Shares assumed repurchased 270,000 90,000
Warrants issued in December, 1994 137,500 $2.50 343,750
IPO price 5.00
Shares assumed repurchased 68,750 68,750
-------
Total SAB 83 shares considered outstanding 158,750
=======
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