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
March 31,
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2005 2004
Net earnings applicable to common shareholders - basic $ 627,934 $ 336,707
Add: Dividend to preferred shareholders 21,600 15,000
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Net earnings - diluted $ 649,534 $ 351,707
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Weighted average common shares outstanding 12,619,603 12,409,619
Common share equivalents relating to stock
options, warrants and preferred stock 3,994,919 3,629,294
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Adjusted common and common equivalent shares for
diluted computation 16,614,522 16,038,913
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Net earnings per share:
Basic $ 0.05 $ 0.03
Diluted $ 0.04 $ 0.02
Anti-dilutive options, warrants and preferred stock not
included in the diluted earnings per share computations 277,500 365,100
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See notes to consolidated financial statements.