EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS (LOSS) PER SHARE
(in thousands, except per share amounts)
YEARS ENDED NINE MONTHS
DECEMBER 31, ENDED SEPTEMBER 30,
----------------------------------------------------
1994 1995 1996 1996 1997
---- ---- ---- ---- ----
Primary Earnings (Loss) Per Share
- -----------------------------------
Weighted average common shares
outstanding during the period............... 7,800 7,800 7,800 7,800 7,800
Adjustment for effect of
outstanding stock options in accordance
with staff accounting bulletin No. 83....... 265 265 265 265 265
Adjustment for dilutive effect of
outstanding stock options................... -- -- -- -- --
Weighted average common and common
stock equivalent shares used for
primary earnings (loss) per share........... 8,065 8,065 8,065 8,065 8,065
------ ------- ------- ------- -------
------ ------- ------- ------- -------
Net income (loss)............................ 1,040 (1,290) (3,682) (2,996) (1,286)
------ ------- ------- ------- -------
------ ------- ------- ------- -------
Net income (loss) per share.................. $ 0.13 $ (0.16) $ (0.46) $ (0.37) $ (0.16)
------ ------- ------- ------- -------
------ ------- ------- ------- -------
Note: Fully diluted earnings (loss) per share is not presented separately
herein or on the face of the Statement of Operations as the dilution of
the outstanding stock options does not differ materially.