Exhibit 11.01
SMT
EPS Calculation-Modified Treasury Stock Method
Three Months Ended September 30, 1996
Exercise Assumed
Assumptions Shares Price Proceeds
Net income $915,730
Common Shares Outstanding 3,179,000
20% of Common Shares Outstanding 635,800
Common Stock Equivalent (Aggregate):
Warrants-IPO 1,587,950 $6.67 $10,591,627
Effect of 5% Dividend 79,398
Options-employees
1993 Grant 121,275 3.33 403,846
1994 Grant 50 1.37 69
1995 Grant 36,750 2.46 90,405
1995 Grant-#2 150,000 3.81 571,875
1996 Grant 39,700 4.5 178,650
Options-Directors:
1992 Grant 2,100 3.21 6,741
1993 Grant 2,100 1.78 3,738
1994 Grant 2,100 2.2 4,620
1995 Grant 2,100 4.38 9,198
Misc Grant 0 1.78 0
Warrants-Directors
All 500,000 3.88 1,940,000
Other 0 4.01 0
Warrants-Commonwealth 50,000 4.47 223,500
Underwriter options 76,000 5.94 451,440
Underwriter Warrants (Unit) 76,000 6.67 506,920
5% dividend on Warrants 7,600
Total CSE Aggregate 2,733,123 14,982,628
Average and Quarter End Market Value:
Average Closing Price 6.83
Quarter End Closing Price 6.75
Computation: Primary Fully Diluted
Total Proceeds 14,982,628 14,982,628
Application of assumed proceeds:
Toward repurchase of o/s shares 4,342,514 4,291,650
Toward Paydown of debt 10,640,114 10,690,978
14,982,628 14,982,628
Adjustment to Net Income:
Net income 915,730 915,730
Interest expense reduction:
Debt paydown * avg. int rate * tax eff 180,882 181,747
Adjusted Net Income 1,096,612 1,097,477
Adjustments to Shares Outstanding:
Actual shares o/s 3,179,000 3,179,000
Net additional shares 2,097,323 2,097,323
Adjusted shares o/s 5,276,323 5,276,323
Earnings Per Share:
Before adjustment $0.29 $0.29
After adjustment $0.208 $0.21
SMT
EPS Calculation- Modified Treasury Stock Method
Nine Months Ended September 30, 1996
Exercise Assumed
Assumptions Shares Price Proceeds
Net income $1,936,206
Common Shares Outstanding 2,879,000
20% of Common Shares Outstanding 575,800
Common Stock Equivalent (Aggregate):
Warrants-IPO 1,587,950 $6.67 10,591,627
Effect of 5% Dividend 79,398
Options-employees
1993 Grant 121,275 3.33 403,846
1994 Grant 50 1.37 69
1995 Grant 36,750 2.46 90,405
1995 Grant-#2 150,000 3.81 571,875
1996 Grant 39,700 4.5 178,650
Options-Directors:
1992 Grant 2,100 3.21 6,741
1993 Grant 2,100 1.78 3,738
1994 Grant 2,100 2.2 4,620
1995 Grant 2,100 4.38 9,198
Misc Grant 0 1.78 0
Warrants-Directors
All 500,000 3.88 1,940,000
Other 0 4.01 0
Warrants-Commonwealth 50,000 4.47 223,500
Underwriter options 76,000 5.94 451,440
Underwriter Warrants (Unit) 76,000 6.67 506,920
5% dividend on Warrants 7,600
Total CSE Aggregate 2,733,123 14,982,628
Average and Quarter End Market Value:
Average Closing Bid 6.21
Quarter End Closing Bid 6.75
Computation: Primary Fully Diluted
Total Proceeds 14,982,628 14,982,628
Application of assumed proceeds:
Toward repurchase of o/s shares 3,575,718 3,886,650
Toward Paydown of debt 11,406,910 11,095,978
14,982,628 14,982,628
Adjustment to Net Income:
Net income 1,936,206 1,936,206
Interest expense reduction:
Debt paydown * avg. int rate * tax eff 581,752 574,217
Adjusted Net Income 2,517,958 2,510,423
Adjustments to Shares Outstanding:
Actual shares o/s 2,879,000 2,879,000
Net additional shares 2,157,323 2,157,323
Adjusted shares o/s 5,036,323 5,036,323
Earnings Per Share:
Before adjustment $0.67 $0.67
After adjustment $0.50 $0.50