EXHIBIT (11) -- STATEMENT RE: COMPUTATION OF NET LOSS PER SHARE THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------------------- ---------------------------------- 1996 1995 1996 1995 Net Loss $(403,684) $(1,083,251) $(811,619) $(1,510,703) =============== ================= ============== ================= Weighted average shares of Common Stock outstanding 2,771,645 387,956 2,769,905 387,956 Shares related to staff accounting bulletin topic 4D: Stock Options 57,012 57,012 Conversion of payable to parent 352,557 352,557 Escrow Shares (363,760) (227,853) (363,760) (227,853) Shares used in calculating net loss per share 2,407,885 569,672 2,406,145 569,672 =============== ================= ============== ================= Net loss per share $(0.17) $(1.90) $(0.34) $(2.65) =============== ================= ============== ================= Pro forma net loss per share information: Shares used in calculating net loss per share 569,672 569,672 Adjusted to reflect the effect of the assumed conversion of Preferred Stock 532,651 532,651 Escrow Shares (152,178) (152,178) ----------------- ----------------- Shares used in computing pro forma net loss per share 950,415 950,415 ================= ================= Pro forma net loss per share $(1.14) $(1.59) ================= ================= Exhibit 11