1
Exhibit 11
STATEMENT RE:
COMPUTATION OF PER SHARE EARNINGS
YEAR ENDED DECEMBER 31
1994 1995 1996
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PRIMARY
Average shares outstanding 1,156,212 1,216,308 1,468,527
Net effect of dilutive stock options and
warrants - based on the treasury stock
method using average market value
per share - 194,420 242,396
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1,156,212 1,410,728 1,710,923
(Loss) Earnings before extraordinary item $ (93,983) $ 410,688 $ 166,440
Primary (loss) earnings per share before
extraordinary item $ (0.081) $ 0.291 $ 0.097
Net (loss) earnings $ (237,715) $ 19,062 $ (652,874)
Primary (loss) earnings per share $ (0.206) $ 0.014 $ (0.445)(1)
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FULLY DILUTED
Average shares outstanding 1,156,212 1,216,308 1,468,527
Net effect of dilutive stock options and
warrants - based on the treasury stock
method using the year end market value
per share, if higher than average market
value per share - 194,420 289,495
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1,156,212 1,410,728 1,758,022
(Loss) Earnings before extraordinary item $ (93,983) $ 410,688 $ 166,440
Fully diluted (loss) earnings per share before
extraordinary item $ (0.081) $ 0.291 $ 0.095
Net (loss) earnings $ (237,715) $ 19,062 $ (652,874)
Fully diluted (loss) earning per share $ (0.206) $ 0.014 $ (0.445) (1)
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Notes:
(1) Using the average shares outstanding, as including the effect of stock
options and warrants, is anti-dilutive.
(2) Fully diluted (loss) earnings per share was not disclosed as it does not
differ from primary earnings (loss) per share.