EXHIBIT 11 ---------- COMPUTATION OF EARNINGS PER SHARE ---------------------------------
Three months Three months ended ended March 31, 1995 March 31, 1994 -------------- -------------- Calculation of common and common equivalent shares: Shares outstanding at beginning of the period 1,051,000 1,046,000 Weighted average number of shares issued during the period: Issuance of shares 1,000 --------- --------- Weighted average shares outstanding 1,051,000 1,047,000 Common equivalent shares if stock options were exercised 1,000 2,000 --------- --------- Average number of common and common equivalent shares outstanding 1,052,000 1,049,000 ========= ========= Calculation of earnings per share: Net income $19,000 $67,000 Average number of common and common equivalent shares outstanding 1,052,000 1,049,000 --------- --------- Loss per common and common equivalent share ($.02) ($.06) ===== ===== Fully diluted earnings per share is equivalent to primary earnings per share as the period-end market price of common stock does not result in greater dilution.