EXHIBIT 11 Earnings Per Share Computations Five Years Ended (Unaudited) February 23, February 25, February 26, February 27, February 28, 1997 1996 1995 1994 1993 ------------ ------------ ------------ ------------ ------------ PRIMARY EPS: Net income (loss) $(62,278,035) $ (1,866,114) $ 571,918 $ 3,137,556 $(47,295,592) Accretion of discount and dividends on preferred stocks 740,679 1,039,802 1,688,019 1,453,511 -- ------------ ------------ ------------ ------------ ------------ Income (loss) attributable to common stockholders $(63,018,714) $ (2,905,916) $ (1,116,101) $ 1,684,047 $(47,295,592) ============ ============ ============ ============ ============ Weighted average common shares outstanding 25,504,218 23,769,323 23,433,173 21,205,949 12,450,290 Weighted shares issued from exercise and assumed exercise of: warrants -- -- -- -- -- options -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Shares for EPS calculation 25,504,218 23,769,323 23,433,173 21,205,949 12,450,290 ============ ============ ============ ============ ============ REPORTED EPS: Income (loss) before accretion of discount and dividends on preferred stocks $ (2.44) $ (0.08) $ 0.02 $ 0.15 $ (3.80) Accretion of discount and dividends on preferred stocks (0.03) (0.04) (0.07) (0.07) -- ------------ ------------ ------------ ------------ ------------ Income (loss) per common share $ (2.47) $ (0.12) $ (0.05) $ 0.08 $ (3.80) ============ ============ ============ ============ ============ Fully Diluted EPS: For the five years presented in this exhibit, there is no dilution from Primary EPS. This exhibit should be reviewed in conjunction with Note 2 of Notes to Consolidated Financial Statements.