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EXHIBIT 11.1
COMPUTATION OF PRO FORMA NET INCOME (LOSS) PER SHARE
Three Months Ended
Years Ended December 31, March 31,
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1993 1994 1995 1995 1996
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Net income (loss) $ (154,306) $ (357,600) $ 125,642 (323,476) 441,116
Weighted average common shares outstanding 6,916,233 7,045,000 7,061,241 7,045,000 7,069,000
Adjustments to reflect stock options as common equivalents 1,738,300 1,790,000
Adjustments to reflect requirements of the Securities and
Exchange commission (Effect of SAB 83) 187,495 187,495 187,495 187,495 187,495
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Adjusted shares outstanding 7,103,728 7,232,495 8,987,036 7,232,495 9,046,495
Historical net income (loss) per share reflecting requirements
of the SEC $ (0.02) $ (0.05) $ 0.01 $ (0.04) $ 0.05
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Effect of assumed conversion of preferred shares from date
of issuance 2,000,000 2,000,000 2,604,466 2,000,000 2,915,477
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Adjusted shares outstanding 9,103,728 9,232,495 11,591,502 9,232,495 11,961,972
Pro forma net income (loss) per share $ (0.02) $ (0.04) $ 0.01 $ (0.04) $ 0.04
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