EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE
Three months Nine months ended September 30, ended September 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 2,000 1,000 4,000 --------- ----------- --------- ----------- Weighted average shares outstanding 1,053,000 1,051,000 1,052,000 1,050,000 Common equivalent shares if stock options were exercised --------- ----------- --------- ----------- Average number of common and common equivalent shares outstanding 1,053,000 1,051,000 1,052,000 1,050,000 ========= =========== ========= =========== Calculation of earnings per share: Net income (loss) $254,000 ($4,149,000) $136,000 ($4,938,000) Average number of common and common equivalent shares outstanding 1,053,000 1,051,000 1,052,000 1,050,000 --------- ----------- --------- ----------- Net income (loss) per common and common equivalent share $.24 $(3.95) $.13 $(4.70) ==== ====== ==== ====== 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.