Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS SIX MONTHS
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6/3098 6/30/97 6/3098 6/30/97
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BASIC
Net earnings applicable to common stock:
Net Income/(Loss) ............................. $ 351,985 $ 58,169 $ (193,308) $ (283,494)
Deduct preferred stock dividends paid ......... (31,830) (31,830) (63,660) (63,660)
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Net earnings/(loss) applicable to common stock ..... $ 320,155 $ 26,339 $ (256,968) $ (347,154)
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Weighted average number of common shares outstanding 5,157,580 4,955,209 5,156,912 4,872,268
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Earnings/(Loss) per share - Basic .................. $ 0.06 $ 0.01 $ (0.05) $ (0.07)
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Earnings per share - diluted ....................... $ 0.06 $ 0.01 N/A N/A
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The exercise of outstanding stock options, convertible subordinated debenture
and convertible preferred stock were not included in the calculations of
diluted earnings per share, as their effect would be antidilutive.
Potentially dilutive shares total 1,570,103 and 1,570,948 for the three
months ended June 30, 1998 and 1997, respectively and 1,618,047 and 1,610,341
for the six months ended June 30, 1998 and 1997, respectively.