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EXHIBIT 11
COMPUTATION OF PRO FORMA INCOME (LOSS) PER COMMON SHARE
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
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1997 1996 1997 1996
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Pro forma income (loss) data for primary
and fully diluted computation:
Pro forma income before extraordinary item $ 756,129 $ 176,093 $1,614,140 $ 405,632
Extraordinary loss, net of tax benefit (1,139,823) (1,139,823)
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Pro forma net income (loss) $ (383,694) $ 176,093 $ 474,317 $ 405,632
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PRIMARY
Weighted average common shares and dilutive
common stock equivalents:
Common stock outstanding 5,386,252 3,650,000 4,337,039 3,650,000
Stock purchase warrants 153,738 153,738
Stock options 637,150 156,724 467,788 138,795
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6,023,402 3,960,462 4,804,827 3,942,533
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Primary income (loss) per common share:
Pro forma income per share before
extraordinary item $ 0.13 $ 0.04 $ 0.34 $ 0.10
Extraordinary loss per share (0.19) (0.24)
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Pro forma net income (loss) per share $ (0.06) $ 0.04 $ 0.10 $ 0.10
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FULLY DILUTED
Weighted average common shares and dilutive
common stock equivalents:
Common stock outstanding 5,386,252 3,650,000 4,337,039 3,650,000
Stock purchase warrants 153,738 153,738
Stock options 701,075 233,898 681,691 201,540
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6,087,327 4,037,636 5,018,730 4,005,278
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Fully diluted income (loss) per common share:
Pro forma income per share before
extraordinary item $ 0.12 $ 0.04 $ 0.32 $ 0.10
Extraordinary loss per share (0.19) (0.23)
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Pro forma net income (loss) per share $ (0.07) $ 0.04 $ 0.09 $ 0.10
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Note: Certain stock options and stock purchase warrants are deemed outstanding
for all periods presented. Effective with the Company's IPO, the stock
purchase warrants were exercised and converted to common stock.