Exhibit 11 STATEMENTS RE: COMPUTATION OF EARNINGS PER SHARE - -------------------------------------------------------------------------------- Year Ended December 31, (in thousands) 1996 1995 - -------------------------------------------------------------------------------- Net Income (loss) $ 2,413 ($11,619) Average shares of common stock outstanding during the period 8,268 7,382 Incremental shares from assumed exercise of stock options, stock warrants & employee stock purchase plan (primary) 302 2 Total shares used to calculate PEPS* 8,507 7,382 ------ -------- Primary earnings per share $ 0.28 ($1.57) ====== ======== Net Income (loss) $2,413 ($11,619) Interest on Convertible Debt (net of taxes) 710 0 Amortization of OID (net of taxes) 118 0 Amortization of deferred debt expense (net of taxes) 456 0 ------ -------- Adjusted Net Income $3,697 ($11,619) ====== ======== Average shares of common stock outstanding during the period 8,268 7,382 Incremental shares from assumed exercise of stock options, stock warrants & employee stock purchase plan (fully diluted) 519 0 Dilution from Convertible Debt 2,613 0 Total shares used to calculate FDEPS* 11,400 7,382 ------ ----- Fully diluted earnings per share $0.32 ($1.57) ====== ====== * Per APB 15, when a net loss is reported, exercise or conversion is not to be assumed. -35-