EXHIBIT 11
Net loss per common and common equivalent share for the period January
1, 1996 to September 30, 1996 is determined on a basis consistent with APB 15.
During this period a treasury stock approach was used in determining the
incremental shares outstanding. Because the Company has reported losses in each
period, the impact of the incremental shares was anti-dilutive.
The calculation follows:
Statement re Computation of Per Share Earnings
Weighted Average Common Shares Outstanding
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- -------------------
1995 1996 1995 1996
---- ---- ---- ----
(Unaudited) (Unaudited)
Common stock issued through
December 31, 1994 and 1995,
respectively........................... - - 5,861,332 5,994,790
Common stock issued through
June 30, 1995 and 1996,
respectively........................... 5,986,245 7,153,796 - -
Weighted average common
stock issued / (repurchased)
in the three months ended
September 30, 1995
and 1996, respectively................. (3,920) 10,935 - -
Weighted average common
stock issued in the nine
months ended September 30, 1995
and 1996, respectively................. - - 87,907 780,715
---------- --------- --------- ---------
Total stock............................. 5,982,325 7,164,731 5,949,239 6,775,505
========== ========== ========= =========
Net loss ............................. $(1,014,286) $ (130,463) $(2,421,497) $(2,612,158)
=========== ========== ========== ==========
Net loss per common and common
equivalent share $ (0.17) $ (0.02) $ (0.41) $ (0.39)
=========== ========== =========== ==========