EXHIBIT 11
Computation of Earnings (Loss)
Per Common and Equivalent Shares
Year Ended December 31, 1996 Primary Fully Diluted
- ---------------------------- ------- -------------
Net loss $(3,189,452) $(3,189,452)
Weighted average common shares outstanding 6,198,260 6,198,260
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Loss per common share $ (0.51) $ (0.51)
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Year Ended December 31, 1995
- ----------------------------
Net income $ 2,892,808 $ 2,892,808
Plus: Interest income assumed to be earned on
proceeds from assumed exercise of options and
warrants in excess of 20% limitation 190,696 471,459
------- -------
Adjusted Net Income $ 3,083,504 $ 3,364,267
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Weighted average common shares outstanding 4,805,427 4,805,427
Plus: Incremental shares issued on assumed
exercise of options and warrants 1,271,255 2,066,740
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Weighted average common shares outstanding 6,076,682 6,872,167
=========== ===========
Income per common and equivalent share $ 0.51 $ 0.49
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