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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,
2001 2000 2001 2000
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Net Earnings $ 222,178 $ 202,787 $ 679,636 $ 630,348
Less: Compensation expense relating to assumed conversion of 97,702 -- 92,635 --
warrants and options, net of tax
Add: Interest expense relating to convertible debt -- 4,600 -- 9,200
Adjusted net earnings for diluted computation $ 124,476 $ 207,387 $ 587,001 $ 639,548
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Weighted average common shares outstanding 12,165,250 12,139,906 12,165,250 12,130,831
Common share equivalents relating to stock options, warrants, 546,500 402,005 535,892 402,005
and convertible debt
Adjusted common and common equivalent shares for diluted 12,711,750 12,541,911 12,701,142 12,532,836
computation
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Net Earnings Per Share:
Basic $ 0.02 $ 0.02 $ 0.06 $ 0.05
Diluted $ 0.01 $ 0.02 $ 0.05 $ 0.05
The accompanying notes are an integral part of the financial statements.