EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
12/31/98 12/31/97 12/31/96
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BASIC
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Net earnings applicable to common stock:
Net earnings/(loss) $(15,165,194) $ (1,891,754) $ 636,050
Deduct preferred stock dividends paid (127,320) (127,320) (127,320)
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Net earnings/(loss) applicable to common stock $(15,292,514) $ (2,019,074) $ 508,730
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Weighted average number of common shares outstanding 5,353,078 4,996,694 3,771,702
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EARNINGS/(LOSS) PER SHARE - BASIC $ (2.86) $ (0.40) $ 0.13
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DILUTED
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Net earnings applicable to common stock on a diluted basis:
Net earnings applicable to common stock per above $ -- $ -- $ 508,730
Add net interest expense related to convertible
debentures -- -- --
Add dividends on convertible preferred stock -- -- --
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Net earnings applicable to common stock on a diluted basis N/A N/A $ 508,730
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Total shares diluted:
Shares used in calculating primary earnings per share -- -- 3,771,702
Additional shares assuming conversion of
options and warrants -- -- 478,143
Additional shares to be issued under full
conversion of convertible debentures -- -- --
Additional shares to be issued under full
conversion of preferred stock -- -- --
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Total shares for diluted N/A N/A 4,249,845
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EARNINGS PER SHARE - DILUTED N/A N/A $ 0.12
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The exercise of outstanding stock options, convertible subordinated debenture
and convertible preferred stock were not included in some of the calculations of
diluted earnings per share, as their effect would be antidilutive.