Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS NINE MONTHS
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9/30/98 9/30/97 9/3098 9/30/97
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BASIC
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Net earnings applicable to common stock:
Net Income (Loss) $ (3,219,598) $ 174,325 $ (3,412,906) $ (109,169)
Deduct preferred stock dividends paid (31,830) (31,830) (95,490) (95,490)
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Net earnings/(loss) applicable to common stock $ (3,251,428) $ 142,495 $ (3,508,396) $ (204,659)
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Weighted average number of common shares
outstanding 5,355,499 5,082,101 5,223,351 4,943,591
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Earnings/(Loss) per share - Basic $ (0.61) $ 0.03 $ (0.67) $(0.04)
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Earnings per share - diluted N/A $ N/A 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 1,632,135 for the three months ended September 30,
1998 and 1997, respectively, and 1,618,047 and 1,610,341 for the nine months
ended September 30, 1998 and 1997, respectively.