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EXHIBIT 11.1
COMPUTATION OF PRO FORMA NET INCOME PER SHARE
SIX MONTHS ENDED
YEARS ENDED DECEMBER 31, JUNE 30,
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1993 1994 1995 1995 1996
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Net income (loss)................ $ (154,306) $ (357,600) $ 125,642 $ (765,839) $ 759,388
Weighted average common shares
outstanding.................... 6,916,233 7,045,000 7,061,241 7,053,440 7,081,088
Adjustments to reflect stock
options as common
equivalents.................... 1,738,300 1,981,550
Adjustments to reflect
requirements of the Securities
and Exchange commission (Effect
of SAB 83)..................... 426,420 426,420 426,420 426,420 426,420
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Adjusted shares outstanding...... 7,342,653 7,471,420 9,225,961 7,479,860 9,489,058
Historical net income (loss) per
share reflecting requirements
of the SEC..................... $ (0.02) $ (0.05) $ 0.01 $ (0.10) $ 0.08
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Effect of assumed conversion of
preferred shares from date of
issuance....................... 2,000,000 2,000,000 2,604,466 2,291,745 2,915,477
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Adjusted shares outstanding...... 9,342,653 9,471,420 11,830,427 9,771,605 12,404,535
Pro forma net income (loss) per
share.......................... $ (0.02) $ (0.04) $ 0.01 $ (0.08) $ 0.06
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