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EXHIBIT 11--STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
June 30,
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1995 1994
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PRIMARY
Average shares outstanding 10,711,782 7,377,623
Net effect of dilutive stock
options and warrants--based
on the treasury stock method
using average market price 401,985 2,626,957
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TOTAL 11,113,767 10,004,580
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Net income $ 507,000 $ 497,000
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Per share amount $ .05 $ .05
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FULLY DILUTED
Average shares outstanding 10,711,782 7,377,623
Net effect of dilutive stock
options and warrants--based
on the treasury stock method
using the higher of ending
or average market price 401,985 2,774,841
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TOTAL 11,113,767 10,152,464
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Net income $ 507,000 $ 497,000
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Per share amount $ .05 $ .05
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