EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30, September 30,
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1997 1996 1997 1996
Primary:
Weighted average shares outstanding 7,836,688 4,734,574 7,872,466 4,548,232
Common Stock Equivalents - based on
the treasury stock method using the
0 0 0 223,980
------------- ------------- ------------- -----------
Totals 7,836,688 4,734,574 7,872,466 4,772,212
============== ============ ============= ===========
Net income (loss) available to common
stockholders $ (1,513,269) $ (239,273) $ (2,052,492) $1,562,422
Primary per share amounts:
Income (loss) before extraordinary charge
available to common stockholders $ (0.19) $ 0.62 $ (0.26) $ 0.99
Extraordinary charge 0.00 (0.67) 0.00 (0.66)
------------- ------------- ------------- -----------
Net income (loss) available to
common stockholders $ (0.19) $ (0.05) $ (0.26) $ 0.33
============== ============ ============= ===========
Fully diluted:
Weighted average shares outstanding 7,836,688 4,734,574 7,872,466 4,548,232
Common Stock Equivalents - based on the
treasury stock method using the greater
of the quarter-end market price
or the average market price 0 0 0 248,217
------------- ------------- ------------- -----------
Totals 7,836,688 4,734,574 7,872,466 4,796,449
============== ============ ============= ===========
Net income (loss) available to
common stockholders $ (1,513,269) $ (239,273) $ (2,052,492) $1,562,422
============== ============ ============= ===========
Fully diluted per share amounts:
Income (loss) before extraordinary charge
available to common stockholders $ (0.19) $ 0.62 $ (0.26) $ 0.99
Extraordinary charge 0.00 (0.67) 0.00 (0.66)
------------- ------------- ------------- -----------
Net income (loss) available to
common stockholders $ (0.19) $ (0.05) $ (0.26) $ 0.33
============== ============ ============= ===========
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