Exhibit (11) -- Statement Re: Computation of Earnings Per Share THREE MONTHS ENDED MARCH 31, ------------------------------------------ 1996 1995 Net Loss $ (407,935) $ (427,452) ================= ================= Weighted average shares of Common Stock outstanding 2,768,164 387,956 Shares related to staff accounting bulletin topic 4D: Stock Options 57,012 Conversion of payable to parent 352,557 Escrow Shares (363,760) (227,583) Shares used in calculating net loss per share 2,404,404 569,942 ================= ================= Net loss per share (0.17) (0.75) ================= ================= Pro forma net loss per share information: Shares used in calculating net loss per share 569,942 Adjusted to reflect the effect of the assumed conversion of Preferred Stock 532,651 Escrow Shares (152,179) ----------------- Shares used in computing pro forma net loss per share 950,414 ================= Pro forma net loss per share $ (0.45) =================