1
EXHIBIT 11
The following table sets forth the computation of basic and diluted earnings
per share:
Three months ended June 30, Six months ended June 30,
2000 1999 2000 1999
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Numerator:
Net (loss) (1,475,164) (1,355,210) (3,238,644) (2,444,054)
Dividends on Series A preferred stock (5,703) (5,703) (11,406) (11,406)
Dividends on Series B preferred stock (52,213) -- (104,426) --
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Numerator for basic and diluted earnings (loss) per
share-income (loss) available to common shareholders (1,533,080) (1,360,913) (3,354,476) (2,455,460)
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Denominator:
Denominator for basic earnings (loss) per share-
weighted average shares outstanding 7,339,177 6,722,675 7,114,522 6,725,185
Effect of dilutive securities
Warrants -- -- -- --
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Dilutive potential common shares Denominator
for diluted earnings (loss) per share adjusted
weighted-average shares and assumed conversion 7,339,177 6,722,675 7,114,522 6,725,185
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Basic earnings (loss) per share (0.21) (0.20) (0.47) (0.36)
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Diluted earnings (loss) per share (0.21) (0.20) (0.47) (0.36)
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