1 Exhibit (11) - Statement Re: Computation of Earnings Per Share Three Months Ended March 31 1996 1995 Primary: Average shares outstanding 5,800,779 4,454,862 Net effect of dilutive stock options- based on the Treasury/Stock method using average market price 16,555 -- Assumed issuance under existing Contingent Value Rights agreement 916,622 -- ----------- ------------- Totals 6,733,956 4,454,862 Net income (loss) $ 507,461 $ (316,671) Per share amount $.08 $ ( .07) Fully diluted: Average shares outstanding 4,454,862 5,800,779 Net effect of dilutive stock options- based on the Treasury Stock Method using average market price which is greater than the qtr.-end market price 16,555 -- Assumed conversion of 8% convertible preferred stock 508,233 -- Assumed issuance under existing Contingent Value Rights agreement 916,622 -- ----------- ------------- Totals 7,242,189 4,454,862 Net income (loss) $ 598,943 $ (316,671) Per share amount $ .08 $ ( .07) 14