Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS
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3/31/99 3/31/98
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BASIC
Net earnings applicable to common stock:
Loss $ (833,893) $ (545,203)
Deduct preferred stock dividends paid (31,830) (31,830)
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Net loss applicable to common stock $ (865,723) $ (577,033)
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Weighted average number of common shares outstanding 5,784,347 5,156,238
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LOSS PER SHARE - BASIC $ (0.15) $ (0.11)
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DILUTED
Net earnings applicable to common stock on a diluted basis:
Net earnings applicable to common stock per above $ (865,723) $ (577,033)
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 $ (865,723) $ (577,033)
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Total shares diluted:
Shares used in calculating basic earnings
per share 5,784,347 5,156,238
Additional shares assuming conversion of
options and warrants -- --
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 5,784,347 5,156,238
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EARNINGS PER SHARE - DILUTED $ (.15) $ (.11)
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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.