EXHIBIT 11. COMPUTATION OF PRO FORMA PER SHARE EARNINGS
For the three months ended For the nine months ended
September 30, September 30,
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1995 1996 1995 1996
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Net loss $ (531,906) $ (907,806) $(1,590,475) $(1,962,563)
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Weighted average number of
common shares outstanding:
Weighted average number of
common shares outstanding 6,009,660 6,171,880 6,001,468 6,153,334
Common shares issuable upon
conversion of Series A
Preferred Stock 5,830,750 5,872,250 5,830,750 5,853,856
Common shares issuable upon
conversion of Series B
Preferred Stock issued within
one year of the initial
public offering 100,000 100,000 100,000 100,000
Incremental common shares
outstanding from stock options
granted within one year of the
initial public offering 265,713 216,171 265,713 232,039
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12,206,123 12,360,301 12,197,931 12,339,229
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Net loss per common share $ (0.04) $ (0.07) $ (0.13) $ (0.16)
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