1
EXHIBIT 11
The following table sets forth the computation of basic and diluted
earnings per share:
Three months ended September 30, Nine months ended September 30,
1999 1998 1999 1998
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Numerator:
Net income (loss) (1,103,824) (751,740) (3,547,878) (3,400,467)
Dividends on Series A preferred stock (5,703) (5,703) (17,109) (17,109)
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Numerator for basic and diluted earnings (loss) per
share-income (loss) available to common shareholders (1,109,527) (757,443) (3,564,987) (3,417,576)
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Denominator:
Denominator for basic earnings (loss) per share-
weighted average shares outstanding 6,720,628 6,598,287 6,723,649 6,040,234
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 6,720,628 6,598,287 6,723,649 6,040,234
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Basic earnings (loss) per share (0.17) (0.11) (0.53) (0.57)
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Diluted earnings (loss) per share (0.17) (0.11) (0.53) (0.57)
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