EXHIBIT 11
COMPUTATION OF PER SHARE DATA
(Unaudited)
Fiscal Year Ended In
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1995 1994 1993
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Income from continuing operations $ 612,000 $ 4,233,000 $ 111,000
Income from discontinued operations -- 466,000 --
Extraordinary item -- -- 300,000
Cumulative change in accounting principle -- 14,128,000 --
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NET INCOME $ 612,000 $18,827,000 $ 411,000
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Primary:
Weighted average number of common shares outstanding 16,669,827 14,320,969 13,239,116
Shares issuable upon conversion of Series A
Convertible Preferred Stock -- 1,058,400 1,479,070
Shares issuable upon exercise of dilutive stock options
and warrants - net of shares assumed to be
repurchased (at the average market price for the
period) from exercise proceeds 473,554 1,115,529 1,096,092
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Shares used for computation 17,143,381 16,494,898 15,814,278
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Income per share of common stock (primary):
Continuing operations $ .04 $ .26 $ .01
Discontinued operations -- .03 --
Extraordinary item -- -- .02
Change in accounting principle -- .85 --
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NET INCOME $ .04 $ 1.14 $ .03
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Assuming full dilution:
Weighted average number of common shares outstanding 16,669,827 14,320,969 13,239,116
Shares issuable upon conversion of Series A
Convertible Preferred Stock -- 1,058,400 1,479,070
Shares issuable upon exercise of dilutive stock options
and warrants - net of shares assumed to be
repurchased (at the higher of period-end market
price or the average market price for the period)
from exercise proceeds 473,554 1,115,529 1,540,000
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Shares used for computation 17,143,381 16,494,898 16,258,186
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Income per share of common stock (assuming full dilution):(a)
Continuing operations $ .04 $ .26 $ .01
Discontinued operations -- .03 --
Extraordinary item -- -- .02
Change in accounting principle -- .85 --
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NET INCOME $ .04 $ 1.14 $ .03
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(a) Not presented because dilution is less than 3% from primary amounts.