[DESCRIPTION] COMPUTATION OF INCOME (LOSS) PER SHARE
Exhibit 11.1
Computation of Income (Loss) Per Share
Three months ended Six months ended
June 30, June 30,
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1997 1996 1997 1996
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(unaudited) (unaudited)
Net income (loss):
Loss before extraordinary gain $ 38,894 ($ 153,179) $ 11,010 ($ 407,237)
Extraordinary gain from early
retirement of debt 216,376 38,145 216,376
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Net income (loss) $ 38,894 $ 63,197 $ 49,155 ($ 190,861)
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Primary income (loss) per share:
Adjustments to shares outstanding:
Actual weighted average
shares outstanding 4,022,894 4,022,894 4,022,894 4,015,202
Net additional shares
issuable upon conversion
of warrants and options 3,692 ( 94,610)
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Adjusted shares outstanding 4,022,894 4,026,586 4,022,894 3,920,592
Primary income (loss) per share:
Loss before extraordinary gain $ .01 ($ .04) $ .00 ($ .10)
Extraordinary gain .00 .05 .01 .06
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Net income (loss) per share$ .01 $ .01 $ .01 ($ .04)
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Fully diluted income (loss) per share:
Adjustments to shares outstanding:
Actual weighted average
shares outstanding 4,022,894 4,022,894 4,022,894 4,015,202
Net additional shares
issuable upon conversion
of warrants and options 3,692 ( 143,721)
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Adjusted shares outstanding 4,022,894 4,026,586 4,022,894 3,871,481
Fully diluted income (loss) per share:
Loss before extraordinary gain $ .01 ($ .04) $ .00 ($ .11)
Extraordinary gain .00 .05 .01 .06
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Net income (loss) per share$ .01 $ .01 $ .01 ($ .05)
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