EXHIBIT 11.1 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
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Three months ended Six months ended
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June 30, June 30, June 30, June 30,
1996 1995 1996 1995
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Primary:
Average Common shares outstanding............ 8,685,142 938,776 8,675,835 939,713
Preferred Stock converted to common
shares..................................... -- 3,031,279 -- 3,031,279
Stock options and warrants issued
during the period prior to the initial
public offering using the treasury
method (offer price of $14 per
share)..................................... -- 1,052,461 -- 1,052,461
Net effect of dilutive stock options -
based on the treasury stock method
using average fair market price........... 429,006 144,311 401,435 --
Net effect of dilutive warrants - based
on the treasury stock method
using average fair market price............ 56,054 256 54,162 --
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Total Shares................................... 9,170,201 5,167,083 9,131,432 5,023,453
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Net income (loss).............................. $1,363,838 $ 161,550 $2,621,339 $(1,182,106)
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Per share amount............................... $ 0.15 $ 0.03 $ 0.29 $ (0.24)
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Fully diluted:
Average Common shares outstanding.............. 8,685,142 938,776 8,675,835 939,713
Preferred Stock converted to common
shares....................................... -- 3,031,279 -- 3,031,279
Stock options and warrants issued
during the period prior to the initial
public offering using the treasury
method (offer price of $14 per
share)........................................ -- 1,052,461 -- 1,052,461
Net effect of dilutive stock options -
based on the treasury stock method
using the greater of the fair market
price or average fair market price
at the end of the period...................... 429,018 204,196 419,092 --
Net effect of dilutive warrants - based
on the treasury stock method using
the greater of the fair market price
or average fair market price
at the end of the period...................... 56,054 72,882 56,000 --
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Total shares.................................... 9,170,213 5,299,594 9,150,927 5,023,453
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Net income (loss)............................... $1,363,838 $ 161,550 $2,621,339 $(1,182,106)
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Per share amount................................ $ 0.15 $ 0.03 $ 0.29 $ (0.24)
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