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EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings
per share:
Three months ended June 30, Six months ended June 30,
1999 1998 1999 1998
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Numerator:
Net income (loss) (1,355,210) (1,062,916) (2,444,054) (2,648,727)
Dividend on Series A preferred stock (5,703) (5,703) (11,406) (11,406)
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Numerator for basic and diluted earnings (loss) per
share - income (loss) available to common stockholders (1,360,913) (1,068,619) (2,455,460) (2,660,133)
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Denominator:
Denominator for basic earnings (loss) per share -
weighted average shares outstanding 6,722,675 5,764,628 6,725,185 5,756,583
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 6,722,675 5,764,628 6,725,185 5,756,583
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Basic earnings (loss) per share (0.20) (0.19) (0.36) (0.46)
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Diluted earnings (loss) per share (0.20) (0.19) (0.36) (0.46)
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