1
EXHIBIT 11
The following table sets forth the computation of basic and diluted earnings per
share:
Three months ended September 30, Nine months ended September 30,
2000 1999 2000 1999
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Numerator:
Net (loss) (1,345,506) (1,103,824) (4,584,150) (3,547,878)
Dividends on Series A preferred stock (2,618) (5,703) (14,024) (17,109)
Dividends on Series B preferred stock (52,787) -- (157,213) --
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Numerator for basic and diluted earnings (loss) per
share-income (loss) available to common shareholders (1,400,911) (1,109,527) (4,755,387) (3,564,987)
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Denominator:
Denominator for basic earnings (loss) per share-
weighted average shares outstanding 7,760,508 6,720,628 7,331,423 6,723,649
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 7,760,508 6,720,628 7,331,423 6,723,649
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Basic earnings (loss) per share (0.18) (0.17) (0.65) (0.53)
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Diluted earnings (loss) per share (0.18) (0.17) (0.65) (0.53)
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