1
Exhibit 11
STATEMENT RE:
COMPUTATION OF PER SHARE EARNINGS
NINE MONTHS
YEAR ENDED DECEMBER 31 ENDED SEPTEMBER 30
1994 1995 1996 1996 1997
- ---------------------------------------------------------------------------------------------------------------------------------
PRIMARY
Average shares outstanding 1,156,212 1,216,308 1,468,527 1,405,472 1,720,746
Net effect of dilutive stock options and
warrants - based on the treasury stock
method using average market value
per share - 194,420 242,396 261,039 242,396
- ---------------------------------------------------------------------------------------------------------------------------------
1,156,212 1,410,728 1,710,923 1,666,511 1,963,142
(Loss) Earnings before extraordinary item $ (93,983) $ 410,688 $ 166,440 $ 216,235 $1,233,699
Primary (loss) earnings per share before
extraordinary item $ (0.081) $ 0.291 $ 0.097 $ 0.13 $ 0.63
Net (loss) earnings $ (237,715) $ 19,062 $ (306,996) $ (253,068) $1,233,699
Primary (loss) earnings per share $ (0.206) $ 0.014 $ (0.209)(1) $ (0.18)(1) $ 0.63
- ---------------------------------------------------------------------------------------------------------------------------------
FULLY DILUTED
Average shares outstanding 1,156,212 1,216,308 1,468,527 1,405,472 1,720,746
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 - 194,420 289,495 289,495 289,495
- ---------------------------------------------------------------------------------------------------------------------------------
1,156,212 1,410,728 1,758,022 1,694,967 2,010,241
(Loss) Earnings before extraordinary item $ (93,983) $ 410,688 $ 166,440 $ 216,235 $1,233,699
Fully diluted (loss) earnings per share before
extraordinary item $ (0.081) $ 0.291 $ 0.095 $ 0.13 $ 0.61
Net (loss) earnings $ (237,715) $ 19,062 $ (306,996) $ (253,068) $1,233,699
Fully diluted (loss) earning per share $ (0.206) $ 0.014 $ (0.209)(1) $ (0.18)(1) $ 0.61
- ---------------------------------------------------------------------------------------------------------------------------------
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.