Computation of Primary and Fully Diluted Net Income (Loss) Per Share
For the three months For the twelve months
ended December 31 ended December 31
1996 1995 1996 1995
Average shares outstanding 9,086,542 8,913,175 9,018,166 8,860,065
Add shares assuming exercise of options reduced by the
number of shares which
could have been purchased with the proceeds from
exercise of such options 837 8,129 5,792 15,295
----------- --------- ----------- -----------
Average shares and equivalents
outstanding, primary 9,087,379 8,921,304 9,023,958 8,875,360
=========== ========= =========== ============
Average shares outstanding 9,086,542 8,913,175 9,018,166 8,860,065
Add shares giving effect to
the conversion of the
convertible subordinated
debentures 2,824,505 2,824,859 2,824,771 2,824,859
Add shares giving effect to the
conversion of the convertible
preferred stock 2,564,100 2,564,100 2,564,100 2,564,100
Add shares assuming exercise of options reduced by the
number of shares which
could have been purchased with the proceeds from
exercise of such options 2,890 8,129 6,864 15,480
------------ --------- ----------- -----------
Average shares and equivalents
outstanding, assuming full
dilution 14,478,037 14,310,263 14,413,901 14,264,504
============ ========== =========== ===========
Primary Earnings
Net income (loss) $ 2,334,000 $(17,729,000) $ 1,060,000 $(15,725,000)
Preferred dividends (1,125,000) (1,125,000) (4,500,000) ( 4,500,000)
----------- ---------- ---------- ----------
Earnings (loss) on Common $ 1,209,000 $(18,854,000) $ (3,440,000) $(20,225,000)
=========== =========== =========== ===========
Primary earnings (loss) per share
Net income (loss) $ .13 $ (2.11) $ (.38) $ (2.28)
=========== ========== =========== ===========
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Exhibit 11
Computation of Primary and Fully Diluted Net Income (Loss) Per Share
For the three months For the twelve months
ended December 31 ended December 31
1996 1995 1996 1995
Fully Diluted Earnings
Earnings (loss) on Common $1,209 $(18,854,000) $(3,440,000) $(20,225,000)
Add convertible subordinated
debenture interest, net of taxes (1) (1) (1) (1)
Add convertible preferred
dividends (1) (1) (1) (1)
--------- ----------- ----------- -------
Earnings (loss) on Common $1,209,000 $(18,854,000) $(3,440,000) $(20,225,000)
========= =========== ========== ===========
Fully diluted earnings (loss)
per share
Earning (loss) on Common $ (2) $ (2) $ (2) $ (2)
========= ======= ========== =======
(1) The assumed conversion of the Registrant's Convertible Subordinated
Debentures and Convertible Preferred Stock for the three months and
twelve months ended December 31, 1996 and 1995 would have an
anti-dilutive effect for the computation of earnings per share; therefore
conversion has not been assumed for these periods.
(2) Fully diluted net income per share for the three months and twelve months
ended December 31, 1996 and 1995 are not presented as effects are
anti-dilutive.
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