EXHIBIT 11.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
EXHIBIT 11. STATEMENT RE COMPUTATION OF PER SHARE EARNINGS.
1996 1995 1994
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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
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Weighted average shares outstanding 10,859,075 8,692,368 6,544,955
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Net Income 724,283 2,061,807 851,805
Less: Preferred stock dividends (42,704) (42,704) (42,705)
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Net Income after preferred stock dividends 681,579 2,019,103 809,100
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PRIMARY EARNINGS PER SHARE $ 0.06 $ 0.23 $ 0.13
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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
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Weighted average shares outstanding 10,859,075 8,692,368 6,544,955
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Net Income 724,283 2,061,807 851,805
Less: Preferred stock dividends (42,704) (42,704) (42,705)
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Net Income after preferred stock dividends 681,579 2,019,103 809,100
FULLY DILUTED EARNINGS PER SHARE $ 0.06 $ 0.23 $ 0.13
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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
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Total weighted average shares issued - primary EPS 10,576,814 8,288,360 6,332,828
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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
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Total weighted average options granted and unexercised 282,261 404,008 212,127
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