Exhibit 11 Statement Re: Computation of Per Share Earnings (Loss) Three months ended June 30, Six months ended June 30, -------------------------------- ----------------------------- 1996 1995 1996 1995 ----------- ----------- ----------- ----------- Primary Average shares outstanding 9,923,53 9,851,972 9,915,840 9,851,972 Net effect of dilutive stock options-based on the treasury stock method using average market price 575,498 -- 460,056 -- ----------- ---------- ----------- ---------- Total 10,499,030 9,851,972 10,375,896 9,851,972 Net income (loss) $ 99,603 $ (338,418) $ 159,614 $ (892,502) =========== ========== =========== =========== Per share amount $ 0.01 $ (0.03) $ 0.02 $ (0.09) =========== ========== =========== =========== Fully Diluted Average shares outstanding 9,923,532 9,851,972 9,915,840 9,851,972 Net effect of dilutive stock options-based on the treasury stock method using the period-end market price if higher than average market price 698,875 -- 521,744 -- ----------- ---------- ----------- ----------- Total 10,622,407 9,851,972 10,437,584 9,851,972 Net income (loss) $ 99,603 $ (338,418) $ 159,614 $ (892,502) =========== =========== =========== ============ Per share amount $ 0.01 $ (0.03) $ 0.02 $ (0.0 =========== =========== =========== ============ 11