1
EXHIBIT 11
EARNINGS PER SHARE COMPUTATIONS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
1996 1995 1996 1995
---------------------------------------------------------------
1. CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
1.0(a) BASIC EARNINGS PER SHARE
Net earnings (loss) (3,585,000) 4,233,000 (8,482,000) 5,444,000
Weighted average shares outstanding 54,932,568 45,963,310 49,096,135 40,739,989
---------------------------------------------------------------
Basic Earnings Per Share (0.07) 0.09 (0.17) 0.13
===============================================================
1.0(b) FULLY DILUTED EARNINGS PER SHARE
Net earnings (loss) (3,585,000) 4,233,000 (8,482,000) 5,444,000
Interest income from cash from stock options 17,468 15,916 52,403 31,831
---------------------------------------------------------------
Adjusted net earnings (loss) (3,567,532) 4,248,916 (8,429,597) 5,475,831
---------------------------------------------------------------
Weighted average shares outstanding 54,932,568 45,963,310 49,096,135 40,739,989
Stock options deemed exercised 30,000 551,250 30,000 551,250
---------------------------------------------------------------
Adjusted weighted average shares outstanding 54,962,568 46,514,560 49,126,135 41,291,239
---------------------------------------------------------------
Fully diluted earnings per share (0.07) 0.09 (0.17) 0.13
===============================================================