1 EXHIBIT 11 STATEMENT REGARDING COMPUTATION OF PRIMARY EARNINGS PER SHARE THREE NINE MONTHS MONTHS ENDED ENDED 9/30/97 9/30/97 ---------- ---------- Weighted average shares outstanding 10,126,000 9,979,000 Weighted average common stock equivalents outstanding: Common stock Options 637,000 Warrants 167,000 ----------- Total 803,000 Assumed treasury stock repurchases: Common stock Options 324,000 Warrants 42,000 ----------- Total 366,000 Net weighted average common stock ----------- equivalents 437,000 Total primary weighted average common stock and common stock ----------- equivalents outstanding 10,563,000 ----------- Note: The effect of common stock equivalents was excluded from the calculation for the nine months ended September 30, 1997 due to the net loss recorded in each such period. 19