1 PART I. EXHIBITS EXHIBIT 11, STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS Three Months Ended March 31 ------------------------------ 1999 1998 -------------- -------------- Weighted average common shares outstanding A 2,320,861 2,320,861 Weighted average dilutive warrants outstanding 1,172,000 Weighted average common ============== ============== and dilutive shares outstanding B 2,320,861 3,492,861 ============== ============== Net income (loss) applicable to common stock C $(1,362,000) $ 475,000 ============== ============== Basic earnings (loss) per share C/A $ (0.59) $ 0.20 ============== ============== Diluted earnings (loss) per share C/B $ (0.59) $ 0.14 ============== ==============