Exhibit 11
STATEMENTS RE: COMPUTATION OF EARNINGS PER SHARE
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Year Ended December 31,
(in thousands) 1996 1995
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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
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Primary earnings per share $ 0.28 ($1.57)
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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
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Adjusted Net Income $3,697 ($11,619)
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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
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Fully diluted earnings per share $0.32 ($1.57)
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* Per APB 15, when a net loss is reported, exercise or conversion is not to be
assumed.
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