Exhibit 11
Exhibit 11
COMPUTATION OF EARNINGS PER COMMON SHARE
THREE MONTHS SIX MONTHS
------------ ----------
9/30/95 9/30/94 9/30/95 9/30/94
------- ------- ------- -------
PRIMARY
- --------------------------------------------
Net earnings applicable to common stock:
Net earnings $219,122 $90,312 $341,579 $147,679
Deduct preferred stock dividends paid (31,830) (31,830) (63,660) (63,660)
---------- ----------- ----------- -----------
Net earnings applicable to common stock
$187,292 $ 58,482 $277,919 $84,019
=========== =========== =========== ===========
Weighted average number of common shares and
common equivalents outstanding:
Weighted average common shares outstanding 3,181,204 3,081,013 3,150,398 3,041,231
Additional shares assuming conversion of options
and warrants 589,497 235,542 469,279 221,169
----------- ------------ ----------- ----------
Weighted average number of common shares and
common equivalents outstanding 3,770,701 3,316,555 3,619,677 3,262,400
========== =========== =========== ===========
Primary earnings per share $ 0.05 $ 0.02 $ 0.08 $ 0.03
=========== =========== ========== ==========
FULLY DILUTED*
- -----------------------------------------
Net earnings applicable to common stock
on a fully diluted basis:
Net earnings applicable to common stock per above $187,292 $58,482 $277,919 $84,019
Add net interest expense related to convertible
debentures 23,100 23,100 46,200 46,200
Add dividends on convertible preferred stock 31,830 31,830 63,660 63,660
---------- ---------- ---------- ----------
Net earnings applicable to common stock on a fully
diluted basis $242,222 $113,412 $387,779 $193,879
========= ========== ========== ==========
Total shares for fully diluted:
Shares used in calculating primary earnings
per share 3,770,701 3,316,555 3,619,677 3,262,400
Additional shares to be issued under full
conversion of convertible debentures 600,000 300,000 600,000 300,000
Additional shares to be issued under full
conversion of preferred stock 294,723 294,723 294,723 294,723
---------- ----------- ---------- -----------
Total shares for fully diluted 4,665,424 3,911,278 4,514,400 3,857,123
=========== =========== ========== ===========
Fully diluted earnings per share $ 0.05 $ 0.03 $ 0.09 $ 0.05
=========== =========== ========== ==========
* This calculation is submitted in accordance with Securities Exchange Act of
1934 Release No. 9083 although not required by footnote 8 paragraph 40 of APB
No. 15 because it results in anti-dilution.