EXHIBIT 11 COMPUTATION OF PER SHARE DATA (UNAUDITED) Six Months Ended Three Months Ended ---------------- ------------------ June 30, June 30, June 30, June 30, 1996 1995 1996 1995 ---- ---- ---- ---- Net Loss $(552,000) $(2,100,000) $(299,000) $(1,003,000) Preferred Stock dividend (194,000) (160,000) (97,000) (88,000) -------- --------- --------- ---------- Loss applicable to Common Stock $(746,000) $(2,260,000) $(396,000) $(1,091,000) ======= ========= ========== ========= Primary: Weighted average number of common shares outstanding 4,681,765 4,332,432 4,681,765 4,332,432 ========== ========= ========= ========= Net loss per share of Common Stock (primary): $(.16) $(.52) $(.08) $(.25) === === === === Assuming Full Dilution: Weighted average number of common shares outstanding 4,681,765 4,332,432 4,681,765 4,332,432 ========= ========= ========= ========= Net loss per share of Common Stock (assuming full dilution) (a) $(.16) $(.52) $(.08) $(.25) === === === === (a) Not presented because dilution is less than 3 percent from primary amounts. 11