Exhibit 11.0 - Computation of Earnings per Share
The following represents the computation of earnings per share reflecting the
assumption that the granted shares under the option and warrants plan which
would be dilutive will be exercised.
Three Months Ended Six Months Ended
June 30, June 30,
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2002 2001 2002 2001
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Net Earnings $ 771,188 $ 222,178 $ 1,558,509 $ 679,636
Less: Compensation expense relating to
assumed conversion of warrants and
options, net of tax -- 97,702 -- 92,635
Adjusted net earnings for diluted
computation $ 771,188 $ 124,476 $ 1,558,509 $ 587,001
Weighted average common shares
outstanding 12,265,250 12,165,250 12,265,250 12,165,250
Common share equivalents relating to stock
options, warrants, and convertible debt 221,238 546,500 174,134 535,892
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Adjusted common and common equivalent
shares for diluted computation 12,486,488 12,711,750 12,439,384 12,701,142
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Net Earnings Per Share:
Basic $ 0.06 $ 0.02 $ 0.13 $ 0.06
Diluted $ 0.06 $ 0.01 $ 0.13 $ 0.05
The accompanying notes are an integral part of the financial statements.