Exhibit 11
Statement Re:
Computation of Per Share Earnings (Loss)
Three months ended June 30, Six months ended June 30,
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1997 1996 1997 1996
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(Restated) (Restated)
Primary 10,284,323 9,923,532 10,252,966 9,915,840
Average shares outstanding
Net effect of dilutive stock
options-based on the
treasury stock method
using average market price -- 575,498 -- 460,056
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Total 10,284,323 10,499,030 10,252,966 10,375,896
Net income (loss) $ (3,937,917) $ 99,603 $ (3,748,234) $ 159,614
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Per share amount $ (0.38) $ 0.01 $ (0.37) $ 0.02
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Fully Diluted
Average shares outstanding 10,284,323 9,923,532 10,252,966 9,915,840
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
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Total 10,284,323 10,622,407 10,252,966 10,437,584
Net income (loss) $ (3,937,917) $ 99,603 $ (3,748,234) $ 159,614
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Per share amount $ (0.38) $ 0.01 $ (0.37) $ 0.02
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