from 10-Q
1 page
Exhibit 11.1 Statement Re: Computation of Per Share Earnings the Following Table Sets Forth the Computation of Earnings Per Share for the Six and Three Months Ended June 30, 1997 and 1996. the Computation of Weighted Average Common Shares and Common Share Equivalents on a Fully Diluted Basis Is the Same as on the Primary Basis Since the Average and Ending Market Price Used in the Computation Is the Same. <table> <caption> Six Months Ended Three Months Ended June 30, June 30, 1997 1996 1997 1996 <s> <c> <c> <c> <c> Net Income (Loss) Before Extraordinary Item $ (358,580) $ 1,009,782 $ 144,382 $ 694,123 Extraordinary Item, Net (1,556,898) - - - Net Income (Loss) $ (1,915,478) $ 1,009,782 $ 144,382 $ 694,123 ============== ============== ============== ============== Weighted Average Outstanding Common Shares (Includes 100,000 Shares Subject to Put Option for the Six Months Ended June 30, 1997 and for the Three Months Ended June 30, 1997 and 1996 and 83,333 Shares Subject to Put Option for the Six Months Ended June 30, 1996, Respectively) 964,865 890,094 976,055 939,625 Increase Due to Assumed Issuance of Shares Related to Outstanding Stock Options Using the Treasury Stock Method - 1,575 6,083 1,575 Increase Due to Assumed Exercise of Stock Warrants Using the Treasury Stock Method - 142,261 36,940 147,758 Adjusted Weighted Average Number of Common Shares and Common Share Equivalents 964,865 1,033,930 1,019,078 1,088,958 ============== ============== ============== ============== Earnings (Loss) Per Common Share and Common Share Equivalent: Net Income (Loss) Before Extraordinary Item $ (0.37) $ 0.98 $ 0.14 $ 0.64 Extraordinary Item, Net (1.62) - - - Net Income (Loss) $ (1.99) $ 0.98 $ 0.14 $ 0.64 ============== ============== ============== ============== </Table>
