Exhibit 11
COMPUTATION OF NET LOSS PER SHARE
Three Months Ended March 31,
1999 1998
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NET LOSS PER SHARE
Loss from Operations applicable to
Common Stock $ (217,588) $ (715,095)
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Weighted Average Common and
Equivalent Shares Outstanding 3,881,158 3,676,001
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Net Loss Per Share $ (0.06) $ (0.19)
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NET LOSS PER SHARE - ASSUMING DILUTION
(See "NOTE")
Loss from Operations applicable to
Common Stock $ (217,588) $ (715,095)
========== ==========
Weighted Average Common and
Equivalent Shares Outstanding 3,881,158 3,676,001
Add: (A) Assuming Exercise of Stock Options 3,812 19,563
(B) Assuming Exercise of Warrants - 52,106
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Weighted Average Common Shares
Outstanding - As Adjusted 3,884,970 3,747,671
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Net Loss Per Share - Assuming Dilution $ (0.06) $ (0.19)
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NOTE:
The calculation for Net Loss Per Common Share - Assuming Dilution is submitted
in accordance with Securities Exchange Act of 1934 Release No. 9083 although not
required by Financial Accounting Standards Board No. 128 "Earnings Per Share"
("FASB 128") since the results are anti-dilutive.
(A) - For the dilutive options (i.e., the average market price is greater than
the exercise price), assume that options are exercised and proceeds realized as
indicated below. Next, using the treasury stock method with the average market
price per share during each period and the total shares assumed to be reacquired
as of the beginning of each period, the additional shares included as
outstanding are indicated below.
Three Months Ended March 31,
----------------------------
1999 1998
---- ----
Options assumed exercised 97,050 159,668
Proceeds assumed realized $95,103 $1,015,758
Shares assumed reacquired:
- - During 1999 ($95,103/$1.02) 93,238
- - During 1998 ($1,015,758/$7.25) 140,105
Net additional shares assumed outstanding 3,812 19,563
COMPUTATION OF NET LOSS PER SHARE, CONTINUED
NOTE (Continued):
(B) - For the dilutive warrants (i.e., the average market price is greater than
the exercise price), assume that warrants are exercised and proceeds realized as
indicated below. Next, using the treasury stock method with the average market
price per share during each period and the total shares assumed to be reacquired
as of the beginning of each period, the additional shares included as
outstanding are indicated below.
Three Months Ended March 31,
----------------------------
1999 1998
---- ----
Warrants assumed exercised -0- 97,389
Proceeds assumed realized $-0- $328,300
Shares assumed reacquired:
- - During 1999 ($-0-/$1.02) -0-
- - During 1998 ($328,300/$7.25) 45,283
Net additional shares assumed outstanding -0- 52,106