1
Exhibit 11
COMPUTATION OF PER SHARE EARNINGS
The table below presents information necessary for the computation of
loss per share of the common stock, on both a primary and fully diluted basis,
for the six months ended June 30, 1998 and 1997, and the years ended December
31, 1997, 1996 and 1995. The computations below reflect the 1 for 5 Reverse
Stock Split effective June 30, 1998.
SIX MONTHS ENDED
JUNE 30 YEAR ENDED DECEMBER 31
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1998 1997 1997 1996 1995
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Net loss applicable to share of
Common Stock and Common
Stock equivalents $ (538,690) $ (545,692) $ (1,708,418) $ (733,973) $ (1,440,003)
Average number of shares of
Common Stock Outstanding 1,968,891 1,907,054 1,964,351 1,700,991 1,548,542
Common Stock equivalents 1,425,404 283,293 1,425,404 283,293 190,333
Total shares of Common Stock
and Common Stock equivalents 3,394,295 2,190,347 3,389,755 1,984,284 1,738,875
Primary loss per share of
Common Stock $ (.27) $ (.29) $ (.87) $ (.43) $ (.93)
Fully diluted loss per share of
Common Stock $ (.16) $ (.25) $ (.50) $ (.37) $ (.83)
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<FN>
Common Stock equivalents are considered anti-dilutive because of the
net losses incurred by the Company.