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EXHIBIT 11
SUMMARY OF CALCULATION OF EPS
The following is an illustration of the reconciliation of the numerators
and denominators of the basic and diluted earnings per share (EPS) computations
for the six months ended June 30, 1998 and June 30, 1997:
SIX MONTHS ENDED JUNE 30, 1998 SIX MONTHS ENDED JUNE 30, 1997
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INCOME SHARES PER SHARE INCOME SHARES PER SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
-------------- ------------- --------- -------------- ------------- ---------
(IN THOUSANDS) (IN THOUSANDS)
BASIC EPS
Income before items
below............. $ 7,816 5,853,713 $ 1.34 $ (8,867) 4,641,954 $(1.91)
Preferred
Securities........ (3,724) (0.64) (907) (0.20)
------- ------ -------- ------
Net Income........... $ 4,092 $ 0.70 $ (9,774) $(2.11)
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EFFECT OF DILUTIVE
SECURITIES
Options.............. 386,280 336,603
Warrants............. 1,672,234 1,432,309
DILUTED EPS
Income before items
below............. $ 7,816 7,912,227 $ 0.99 $ (8,867) 6,410,866 $(1.38)
Preferred
Securities........ (3,724) (0.47) (907) (0.14)
------- ------ -------- ------
Net Income........... $ 4,092 $ 0.52 $ (9,774) $(1.52)
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The following is an illustration of the reconciliation of the numerators
and denominators of the basic and diluted earnings per share (EPS) computations
for the three months ended June 30, 1998 and June 30, 1997:
THREE MONTHS ENDED JUNE 30, 1998 THREE MONTHS ENDED JUNE 30, 1997
------------------------------------------ ------------------------------------------
INCOME SHARES PER SHARE INCOME SHARES PER SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
-------------- ------------- --------- -------------- ------------- ---------
(IN THOUSANDS) (IN THOUSANDS)
BASIC EPS
Income before items
below............. $ 4,049 5,834,347 $ 0.69 $(10,077) 5,837,173 $(1.72)
Preferred
Securities........ (1,852) (0.32) (453) (0.08)
------- ------ -------- ------
Net Income........... $ 2,197 $ 0.37 $(10,530) $(1.80)
======= ====== ======== ======
EFFECT OF DILUTIVE
SECURITIES
Options.............. 417,582 321,992
Warrants............. 1,732,524 1,387,215
DILUTED EPS
Income before items
below............. $ 4,049 7,984,453 $ 0.50 $(10,077) 7,546,380 $(1.33)
Preferred
Securities........ (1,852) (0.23) (453) (0.06)
------- ------ -------- ------
Net Income........... $ 2,197 $ 0.27 $(10,530) $(1.39)
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