1
EXHIBIT 11
The following table sets forth the computation of basic and diluted earnings
per share:
Three months ended March 31,
2000 1999
---------- ----------
Numerator:
Net income (loss) (1,763,480) (1,088,844)
Dividends on Series A preferred stock (5,703) (5,703)
Dividends on Series B preferred stock (52,213) --
---------- ----------
Numerator for basic and diluted earnings (loss) per
share-income (loss) available to common shareholders (1,821,396) (1,094,547)
---------- ----------
Denominator:
Denominator for basic earnings (loss) per share-
weighted average shares outstanding 6,889,867 6,727,722
Effect of dilutive securities
Warrants -- --
---------- ----------
Dilutive potential common shares Denominator
for diluted earnings (loss) per share adjusted
weighted-average shares and assumed conversion 6,889,867 6,727,722
---------- ----------
Basic earnings (loss) per share (0.26) (0.16)
---------- ----------
Diluted earnings (loss) per share (0.26) (0.16)
---------- ----------