Exhibit 11
STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS
SUPPLEMENTAL HISTORICAL EARNINGS PER SHARE
November 30, November 30, November 30,
1994 1995 1996
------------ ------------ ------------
Net income (loss) available to common shareholders:
Net income (loss).................................... $ (38,132) $ 98,121 $ 3,494,967
Preferred stock dividends............................ (8,750) (4,375) (900)
------------ ------------ ------------
Net income (loss) available to common shareholders... $ (46,882) $ 93,746 $ 3,494,067
============ ============ ============
Common Stock and Common Stock Equivalents:
Weighted average shares outstanding.................. 1,323,415 1,332,879 1,359,073
Convertible Securities:
Series B Preferred Stock............................ 663,761 663,761 663,761
Series F Preferred Stock............................ 135,025 135,025 135,025
Series G Preferred Stock............................ 673,638 673,638 673,638
Options (calculated on Treasury Method) 1987 Plan.... 24,561 11,790 21,374
Options and warrants issued within one year of the
offering (calculated on Treasury Method):
Vested options repriced or granted.................. 219,706 219,706 219,706
Warrants repriced................................... 69,799 69,799 69,799
------------ ------------ ------------
289,505 289,505 289,505
------------ ------------ ------------
Total common stock and common stock equivalents... 3,109,905 3,106,598 3,142,376
============ ============ ============
Earnings (loss) per common share...................... $ (0.02) $ 0.03 $ 1.11
============ ============ ============
11.1
STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS
SUPPLEMENTAL HISTORICAL EARNINGS PER SHARE
For the three months ended For the nine months ended
August 31, August 31,
---------------------------- ---------------------------
1996 1997 1996 1997
------------ ------------ ------------ ------------
Net income available to common shareholders:
Net income................................................... $ 680,613 $ 1,129,222 $ 1,466,604 $ 2,553,720
Preferred stock dividend..................................... - - (900) -
------------ ------------ ------------ ------------
Net income available to common shareholders.................. $ 680,613 $ 1,179,722 $ 1,465,704 $ 2,553,720
============ ============ ============ ============
Common stock and common stock equivalents:
Weighted average shares outstanding.......................... 1,357,714 7,468,832 1,357,714 3,475,722
Convertible Securities:
Series B Preferred Stock.................................. 663,761 14,430 663,761 445,738
Series F Preferred Stock.................................. 135,025 2,935 135,025 90,674
Series G Preferred Stock.................................. 673,638 14,644 673,638 452,370
Options (calculated on Treasury Method) 1987 Plan............ 21,374 16,956 21,374 16,956
Options and warrants issued within one year of the offering
(calculated on Treasury Method):
Vested options repriced or granted........................ 207,020 297,690 207,020 296,162
Warrants repriced......................................... 65,782 89,547 65,782 80,391
------------ ------------ ------------ ------------
272,802 387,237 272,802 376,553
------------ ------------ ------------ ------------
Total common stock and common stock equivalents.............. 3,124,314 7,905,034 3,124,314 4,858,013
============ ============ ============ ============
Net income per common share.................................. $ 0.22 $ 0.15 $ 0.47 $ 0.53
============ ============ ============ ============
11.2
STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
PRO FORMA EARNINGS PER SHARE
TO GIVE EFFECT TO THE RECAPITALIZATION
(Presented on the face of the November 30, 1996,
and August 31, 1997 Supplemental Statements of Operations)
For the three For the nine
November 30, months ended months ended
1996 August 31, 1997 August 31, 1997
--------------- --------------- ---------------
Pro forma net income:
Net income available to common shareholder..................................... $ 3,494,067 $ 1,179,722 $ 2,553,720
Add back interest (net of applicable income taxes) on debt included in
Recapitalization:
$2,000,000 subordinated note (7.74%) converted to stock in Recapitalization.... 92,879 - 46,440
$2,867,546 subordinated note (12.0%) converted to stock in Recapitalization.... 206,464 - 103,232
--------------- --------------- ---------------
Pro forma net income........................................................... $ 3,793,410 $ 1,179,722 $ 2,703,392
=============== =============== ===============
Common Stock and Common Stock Equivalents:
Historical weighted average shares outstanding................................. 3,142,376 7,905,034 4,858,013
Add back:
Less common stock equivalents included in historical earnings per share:
Series B Preferred Stock...................................................... (663,761) (14,430) (445,738)
Series F Preferred Stock...................................................... (135,025) (2,935) (90,674)
Series G Preferred Stock...................................................... (673,638) (14,644) (452,370)
Add effect of Recapitalization:
Series A Preferred Stock...................................................... 86,003 1,870 57,754
Series B Preferred Stock...................................................... 663,761 14,430 445,738
Series F & G Preferred Stock.................................................. 763,748 16,603 512,882
Shares for $2,867,546 of subordinated debt.................................... 616,544 13,403 414,030
Shares for $2,000,000 of subordinated debt.................................... 430,015 9,348 288,769
--------------- --------------- ---------------
Total pro forma common stock and common stock equivalents...................... 4,230,023 7,928,679 5,588,404
=============== =============== ===============
Pro forma earnings per common share.............................................. $ 0.90 $ 0.15 $ 0.48
=============== =============== ===============
11.3