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EXHIBIT 11
The following table sets forth the computation of basic and diluted earnings
per share:
(Expressed in
U.S. Currency)
Three months ended
March 31,
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2006 2005
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Numerator:
Net Income (loss) $ (480,834) $ 398,714
Dividends on Series A preferred stock (936) (763)
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Numerator for basic and diluted loss per
share loss available to common shareholders $ (481,770) $ 397,951
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Denominator:
Denominator for basic loss per share-
weighted average shares outstanding 13,722,074 13,811,849
Effect of dilutive securities -- 375,000
Warrants -- 304,132
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Dilutive potential common shares denominator
for diluted earnings (loss) per share adjusted
weighter-average shares and assumed conversion 13,722,074 14,490,981
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Basic income (loss) per share $ (0.04) $ 0.03
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Diluted income (loss) per share $ (0.04) $ 0.03
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