Exhibit 11: Earnings per share
The following table reconciles the numerators and denominators of the basic and diluted
earnings per share:
Three months ended May 31, Six Months ended May 31,
2002 2001 2002 2001
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BASIC EARNINGS (LOSS) PER COMMON SHARE:
- ---------------------------------------
NUMERATOR
Net income (loss) $ (168,146) $ 179,456 $ (280,732) $ 488,962
DENOMINATOR
Weighted average number of shares
outstanding 1,415,328 1,415,833 1,415,578 1,381,095
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PER SHARE AMOUNTS
Net income (loss) $ (0.12) $ 0.13 $ (0.20) $ 0.35
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DILUTED EARNINGS (LOSS) PER SHARE
NUMERATOR
Net income (loss) $ (168,146) $ 179,456 $ (280,732) $ 488,962
DENOMINATOR
Weighted average number of shares
Outstanding 1,415,328 1,415,833 1,415,578 1,381,095
Effect of dilutive securities:
Options and warrants - 27,200 - 27,200
Stock acquired with proceeds - (17,521) - (20,499)
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Weighted average common shares and
assumed conversions outstanding 1,415,328 1,425,512 1,415,578 1,387,796
=========== =========== =========== ===========
PER SHARE AMOUNTS
Net income (loss) $ (0.12) $ 0.13 $ (0.20) $ 0.35
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