Exhibit 11
Statement Re:
Computation of Per share Earnings (Loss)
Three months ended September 30, Nine months ended September 30,
1997 1996 1997 1996
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Primary
Average shares outstanding
10,289,488 10,007,454 10,265,274 9,947,653
Net effect of dilutive stock options-based
on the treasury stock method
using average market price 14,637 616,642 -- 512,251
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Total 10,304,125 10,624,096 10,265,274 10,459,904
Net income (loss) $ 274,191 $ 234,308 $(3,474,043) $ 393,922
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Per share amount $ 0.03 $ 0.02 $ (0.34) $ 0.04
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Fully Diluted
Average common shares outstanding 10,289,488 10,007,454 10,265,274 9,947,653
Average convertible preferred shares
outstanding 560,869 -- -- --
Net effect of dilutive stock options-based
on the treasury stock method using the
period-end market price if higher than average market price 14,637 616,642 -- 553,377
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Total 10,864,994 10,624,096 10,265,274 10,501,030
Net income (loss) $ 274,191 $ 234,308 $(3,474,043) $ 393,922
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Per share amount $ 0.03 $ 0.02 $ (0.34) $ 0.04
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