Exhibit 11 Statement Re: Computation of Per share Earnings (Loss) Three months ended September 30, Nine months ended September 30, -------------------------------- ------------------------------- 1996 1995 1996 1995 ----------- ---------- ----------- ----------- Primary Average shares outstanding 10,007,454 9,853,439 9,947,653 9,852,467 Net effect of dilutive stock options-based on the treasury stock method using average market price 616,642 -- 512,251 -- ----------- ---------- ----------- ----------- Total 10,624,096 9,853,439 10,459,904 9,852,467 Net income (loss) $ 234,308 $ (341,715) $ 393,922 $(1,234,217) =========== ========== =========== =========== Per share amount $ 0.02 $ (0.03) $ 0.04 $ (0.13) =========== ========== =========== =========== Fully Diluted Average shares outstanding 10,007,454 9,853,439 9,947,653 9,852,467 Net effect of dilutive stock options-based on the treasury stock method using the period-end market price if higher than average market price 616,642 -- 553,377 -- ----------- ---------- ----------- ----------- Total 10,624,096 9,853,439 10,501,030 9,852,467 Net income (loss) $ 234,308 $ (341,715) $ 393,922 $(1,234,217) =========== ========== =========== =========== Per share amount $ 0.02 $ (0.03) $ 0.04 $ (0.13) =========== ========== =========== ===========