EXHIBIT 11
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Year Ended December 31, 1997
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Month (1997) Shares Issued Weighted Shares Outstanding
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Balance at January 1, 1997 1,214,887 1,214,887
January -0- -0-
February -0- -0-
March 86,800 69,512
April -0- -0-
May 125,000 79,271
June 332,280 183,031
July 215,000 100,513
August 420,000 161,485
September 400,000 120,463
October 1,066,668 232,000
November 201,852 27,082
December 291,120 14,799
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TOTAL 4,353,607
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Weighted Shares Outstanding-
Year Ended December 31, 1997 2,203,043
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Weighted shares outstanding are calculated based on the number of days that the
respective shares were outstanding during the period.
1
Six Months and Three Months Ended June 30, 1998
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Weighted Shares Outstanding
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Six Months Ended Three Months Ended
Month (1998) Shares Issued June 30, 1998 June 30, 1998
------------ ------------- ------------- -------------
Balance at January 1, 1998 4,353,607 4,353,607
January 223,504 212,143
February 17,360 13,584
March 2,096,406 1,290,665
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Balance at April 1, 1998 6,690,877 6,690,877
April 309,424 138,983 232,799
May 160,268 45,276 67,217
June 5,600 649 485
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Total 7,166,169
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Weighted Shares Outstanding-
Six Months Ended June 30, 1998 6,054,907
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Three Months Ended June 30, 1998 6,991,378
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Weighted shares outstanding are calculated based on the number of days that the
respective shares were outstanding during the period.
2