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 ========= ========= Loss per common share $ (0.51) $ (0.51) =========== =========== 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 =========== =========== 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 --------- --------- 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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