Exhibit 11
STATEMENTS RE: COMPUTATION OF EARNINGS PER SHARE
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Year Ended December 31,
(in thousands) 1997 1996
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Net (loss) income ($ 2,369) $ 2,413
Average shares of common stock outstanding
during the period 9,099 8,268
Basic earnings per share ($ 0.26) $ 0.29
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Net Income (loss) ($ 2,369) $ 2,413
Adjusted net (loss) income ($ 2,369) $ 2,413
Average shares of common stock outstanding
during the period 9,099 8,268
Incremental shares from assumed exercise of stock options,
stock warrants and employee stock purchase plan -- 198
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Average diluted shares outstanding during the period 9,099 8,466
Diluted earnings per share ($ 0.26) $ 0.29
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The assumed conversion of the 12% subordinated convertible notes was excluded
from diluted earnings per share in 1997 and 1996 since they were anti-dilutive.