Exhibit 12
Statement Re Computation of Ratios
This schedule contains financial information extracted from the
registrant's audited consolidated financial statements as of and for the twelve
months ended December 31, 1997, and is qualified in its entirety by reference to
such financial statements:
1997 1996
-----------------------------
Current Ratio:
The ratio of current assets divided by current liabilities -
Current assets (numerator) 39,574,608 13,886,689
Current liabilities (denominator) 20,112,442 12,214,536
Current ratio 1.97 1.14
Quick Ratio:
The ratio of liquid current assets (cash and cash equivalents and
accounts receivable and unbilled receivables) divided by current
liabilities:
Cash and cash equivalents 7,656,850 809,711
Accounts receaivable and unbilled receivables 19,388,007 6,874,808
--------------------------------
Total (numerator) 27,044,857 7,684,519
--------------------------------
Current liabilities (denominator) 20,112,442 12,214,536
Quick ratio 1.34 0.63
Debt to Equity Ratio:
The ratio of all debt divided by stockholders' equity
Notes payable 4,783,350 3,920,057
Current maturities of long-term debt 842,515 493,060
Long-term liabilities 2,199,837 1,385,602
---------------------------------
Total (numerator) 7,825,702 5,798,719
---------------------------------
Stockholders' equity (denominator) 36,284,629 8,251,816
Debt to equity ratio 0.22 0.70
10-K Page 69