EXHIBIT 11. STATEMENT RE COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11. STATEMENT RE COMPUTATION OF PER SHARE EARNINGS.
1996 1995 1994 -------------------------------------------------- Primary earnings per share: Common stock equivalents Options granted and unexercised (Note 3) 282,261 404,008 212,127 Total weighted average shares issued (Note 1) 10,576,814 8,288,360 6,332,828 -------------------------------------------------- Weighted average shares outstanding 10,859,075 8,692,368 6,544,955 -------------------------------------------------- Net Income 724,283 2,061,807 851,805 Less: Preferred stock dividends (42,704) (42,704) (42,705) -------------------------------------------------- Net Income after preferred stock dividends 681,579 2,019,103 809,100 -------------------------------------------------- PRIMARY EARNINGS PER SHARE $ 0.06 $ 0.23 $ 0.13 -------------------------------------------------- -------------------------------------------------- Fully diluted earnings per share (Note 2): Common stock equivalents Options granted and unexercised (Note 3) 282,261 404,008 212,127 Total weighted average shares issued (Note 1) 10,576,814 8,288,360 6,332,828 -------------------------------------------------- Weighted average shares outstanding 10,859,075 8,692,368 6,544,955 -------------------------------------------------- Net Income 724,283 2,061,807 851,805 Less: Preferred stock dividends (42,704) (42,704) (42,705) -------------------------------------------------- Net Income after preferred stock dividends 681,579 2,019,103 809,100 FULLY DILUTED EARNINGS PER SHARE $ 0.06 $ 0.23 $ 0.13 -------------------------------------------------- -------------------------------------------------- NOTE 1: Total weighted average shares issued: Shares outstanding at beginning of year 8,818,848 7,458,141 5,856,467 Total weighted average shares issued (retired) during the year 1,757,966 830,219 476,361 -------------------------------------------------- Total weighted average shares issued - primary EPS 10,576,814 8,288,360 6,332,828 -------------------------------------------------- -------------------------------------------------- NOTE 2: The amount of weighted average shares outstanding for fully diluted is calculated in the same manner as the primary earnings per share. No other potentially dillutive securities exist NOTE 3: Total weighted average options granted and unexercised: Options outstanding at the beginning of the year 1,511,202 239,866 -- Total weighted average options issued (retired) during the year (1,228,941) 164,142 212,127 -------------------------------------------------- Total weighted average options granted and unexercised 282,261 404,008 212,127 -------------------------------------------------- --------------------------------------------------