EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED
MARCH 31,
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1997 1996
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PRIMARY:
Weighted average shares outstanding 7,836,097 4,443,617
Common Stock Equivalents - based on the
treasury stock method using average
market price 0 163,156
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Totals 7,836,097 4,606,773
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Net income (loss) available to common
stockholders $ (811,099) $ 311,211
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PRIMARY PER SHARE AMOUNTS:
Net income (loss) available to
common stockholders $ (0.10) $ 0.07
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FULLY DILUTED:
Weighted average shares outstanding 7,836,097 4,443,617
Common Stock Equivalents - based on the
treasury stock method using quarter-end
market price which is greater than average
market price 0 193,380
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Totals 7,836,097 4,636,997
========== ==========
Net income (loss) available to
common stockholders $ (811,099) $ 311,211
=========== ==========
FULLY DILUTED PER SHARE AMOUNTS:
Net income (loss) available to
common stockholders $ (0.10) $ 0.07
========== =========
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