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EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
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PRIMARY
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Average shares outstanding................................. 15,697,704 11,738,638 15,631,501 11,771,199
Net effect of dilutive stock options --
based on the treasury stock method using
average market price..................................... 189,827 761,788 422,229 380,207
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Total...................................................... 15,887,531 12,500,426 16,053,730 12,151,408
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Net income / (loss)........................................ $(969,842) $1,095,692 $(1,224,205) $2,624,579
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Per share amount........................................... $(0.06) $ 0.09 $(0.08) $ 0.22
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FULLY DILUTED
Average shares outstanding................................. 15,697,704 11,738,638 15,631,501 11,771,199
Net effect of dilutive stock options -- based on the
treasury stock method using the quarter-end market price
if higher than average market price...................... 189,827 855,802 422,229 418,742
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Total...................................................... 15,887,531 12,594,440 16,053,730 12,189,941
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Net income / (loss)........................................ $(969,842) $1,095,692 $(1,224,205) $2,624,579
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Per share amount........................................... $(0.06) $ 0.09 $(0.08) $ 0.22
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