1
EXHIBIT 11
Computation of Earnings
per Common Share
-------------------------------------------------------------
(in thousands, except per share data)
Year Ended December 31, 1996
-------------------------------------------------------------
Net Loss Shares Per Share Amount
-------- --------- ----------------
BASIC EPS
Net income (loss) available to
common shareholders $(2,487) 5,133 $(0.48)
-------
EFFECT OF DILUTIVE SHARES
Stock options - -
-------- ------
DILUTIVE EPS(1)
Net income (loss) available to
common shareholders $(2,487) 5,133 $(0.48)
-------- ------ -------
Year Ended December 31, 1997
------------------------------------------------------------
Net Loss Shares Per Share Amount
-------- --------- ----------------
BASIC EPS
Net income (loss) available to
common shareholders $(7,863) 4,366 $(1.80)
-------
EFFECT OF DILUTIVE SHARES
Stock options - -
-------- ------
DILUTIVE EPS(1)
Net income (loss) available to
common shareholders $(7,863) 4,366 $(1.80)
-------- ------ -------
Year Ended December 31, 1998
------------------------------------------------------------
Net Loss Shares Per Share Amount
-------- --------- ----------------
BASIC EPS
Net income (loss) available to
common shareholders $(13,115) 4,494 $(2.92)
-------
EFFECT OF DILUTIVE SHARES
Stock options - -
Warrants - -
--------- ------
DILUTIVE EPS(1)(2)
Net income (loss) available to
common shareholders $(13,115) 4,494 $(2.92)
--------- ------ -------
2
EXHIBIT 11 (CONTINUED)
Computation of Earnings
per Common Share
-------------------------------------------------------------
(in thousands, except per share data)
Three Months Ended March 31, 1998
-------------------------------------------------------------
Net Loss Shares Per Share Amount
-------- --------- ----------------
BASIC EPS
Net income (loss) available to
common shareholders $(3,314) 4,371 $(0.76)
-------
EFFECT OF DILUTIVE SHARES
Stock options - - -
-------- ------ -------
DILUTIVE EPS(1)
Net income (loss) available to
common shareholders $(3,314) 4,371 $(0.76)
======== ====== =======
Three Months Ended March 31, 1999
------------------------------------------------------------
Net Loss Shares Per Share Amount
-------- --------- ----------------
BASIC EPS
Net income (loss) available to
common shareholders $(4,914) 4,928 $(1.00)
-------
EFFECT OF DILUTIVE SHARES
Stock options - - -
Warrants - - -
-------- ------ -------
DILUTIVE EPS (1)(2)
Net income (loss) available to
common shareholders $(4,914) 4,928 $(1.00)
======== ====== =======
Notes:
1. Options to purchase approximately 775,000, 1.288 million,
1.484 million and 1.376 million shares of common stock were
outstanding during 1996, 1997, 1998 and 1999, respectively, but
were not included in the computation of diluted earnings per
share because the effect would have been antidilutive.
2. Warrants to purchase 40,568 and 567,889 shares of common stock
were outstanding during 1998 and 1999, respectively, but were
not included in the computation of diluted earnings per share
because the effect would have been antidilutive.