Earnings (Loss) Per Share
A summary of the reconciliation from basic earnings (loss) per share to
diluted earnings (loss) per share for the three and six month periods ended June
30, 1998 and 1997 follows:
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
---- ---- ---- ----
Net earnings (loss) 2,441,170 (363,788) 4,107,760 (7,266,123)
Preferred stock dividends 85,964 -- 163,839 --
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Net income available to common stock holders 2,355,206 363,788 3,943,921 7,266,123
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Basic EPS-weighted average shares outstanding 12,775,914 8,936,308 11,581,852 8,397,713
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Basic earnings (loss) per share $ 0.18 $ (0.04) $ 0.34 $(0.87)
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Basic EPS-weighted average shares outstanding 12,775,914 -- 11,581,852 --
Effect of diluted securities:
Options and warrants 409,908 -- 294,270 --
Convertible debt 1,806,603 -- 1,806,603 --
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Dilutive EPS-weighted average shares outstanding 14,992,425 -- 13,682,725 --
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Diluted Earnings (loss) per share $ 0.18 -- $ 0.33 --
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Preferred Stock not included in diluted EPS since
antidilutive 651,421 -- 651,421 --
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