Exhibit 11
Earnings Per Share
(Regulation S-K Item 601)
1995 1996 3/31/96 3/31/97
Weighted average shares outstanding
Class A Common Stock 4,253,571 4,658,331 4,652,575 5,064,311
Class B Common Stock 43,420 103,726 103,726
Weighted average shares issuable upon
exercise of common stock options,
if dilutive -- -- 1,090,666
Common stock and common stock
equivalents issued at prices below
the IPO price during the twelve
months preceding the initial filing
of the Registration Statement 1,583,792 1,485,252 1,583,791 54,418
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Total weighted average shares 5,880,783 6,247,309 6,340,092 6,209,395
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Net income (loss) $ 910,228 $(3,659,459) $ 581,023 $ 765,317
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Earnings (loss) per share $ 0.15 $ (0.59) $ 0.09 $ 0.12
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