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,
2002 2001 2002 2001
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Numerator:
Net Income (loss) 474,898 (1,565,755) (33,036) (2,990,756)
Dividends on Series A preferred stock (772) (772) (1,535) (1,535)
Dividends on Series B preferred stock (50,118) (51,608) (100,715) (103,389)
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Numerator for basic and diluted earnings (loss) per
share-income (loss) available to common shareholders 424,008 (1,618,135) (135,286) (3,095,680)
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Denominator:
Denominator for basic earnings (loss) per share-
weighted average shares outstanding 10,314,467 9,195,435 10,188,820 9,093,531
Effect of dilutive securities 1,405,000 1,405,000
Warrants 952,784 -- 952,784 --
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Dilutive potential common shares denominator
for diluted earnings (loss) per share adjusted
weighted-average shares and assumed conversion 12,672,251 9,195,435 12,546,604 9,093,531
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Basic earnings (loss) per share 0.04 (0.18) (0.01) (0.34)
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Diluted earnings (loss) per share 0.03 (0.18) (0.01) (0.34)
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