EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE
Three months Six months ended June 30 ended June 30 1995 1994 1995 1994 ---- ---- ---- ---- Calculation of common and common equivalent shares: Shares outstanding at beginning of the period 1,051,000 1,051,000 1,051,000 1,046,000 Weighted average number of shares issued during the period: Issuance of shares 3,000 --------- --------- --------- --------- Weighted average shares outstanding 1,051,000 1,051,000 1,051,000 1,049,000 Common equivalent shares if stock options were exercised --------- --------- --------- --------- Average number of common and common equivalent shares outstanding 1,051,000 1,051,000 1,051,000 1,049,000 ========= ========= ========= ========= Calculation of earnings per share: Net loss ($137,000) ($856,000) ($118,000) ($789,000) Average number of common and common equivalent shares outstanding 1,051,000 1,051,000 1,051,000 1,049,000 --------- --------- --------- --------- Loss per common and common equivalent share ($.13) ($.81) ($.11) ($.75) ===== ===== ===== ===== 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.