EXHIBIT 11
STATEMENT RE: COMPUTATION OF DILUTED COMMON LOSS PER SHARE
(In thousands)
Years Ended December 31,
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2001 2000 1999
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Weighted average number of shares 12,291 12,288 12,014
Net effect of dilutive stock options and
warrants based on the treasury stock
method (1) -- -- --
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Weighted average number of common shares
and common stock equivalents 12,291 12,288 12,014
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Net loss $(51,393) $(14,419) $ (1,693)
Common stock dividend to preferred
shareholders (2) -- -- --
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Net loss to common stockholders $(51,393) $(14,419) $ (1,693)
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Diluted loss per share amount (3) $ (4.18) $ (1.17) $ (0.14)
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(1) Stock options and warrants are excluded from the weighted average
number of common shares due to their anti-dilutive effect.
(2) In December 2001, 2000, and, 1999, the Board of Directors approved an
aggregate common stock dividend of 183 shares each year to the
stockholders of record of Series A Convertible Preferred Stock as of
December 15, 2001, 2000, and 1999 that was paid January 2002, 2001,
and 2000 respectively. The market value of the common stock
distributed was approximately $6, $34, and $297 at December 15, 2001,
2000 and 1999, respectively.
(3) The assumed conversion of the preferred stock would have an immaterial
effect (less than 1/10 of $.01) in all periods and, therefore, that
calculation has been omitted.