EXHIBIT 11.1
<TABLE>
<CAPTION>
(Loss)/earnings per share data is calculated as follows:
--------------------------------------------------------------------------------------- ----------------
<S> <C> <C> <C>
BASIC INCOME PER SHARE FOR THE QUARTER ENDED SEPTEMBER 30, 2000 $
--------------------------------------------------------------------------------------- ----------------
--------------------------------------------------------------------------------------- ----------------
Net loss available to common stockholders from continuing operations (1,538,741)
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Net income available to common stockholders from discontinued operations 7,420,208
---------
--------------------------------------------------------------------------------------- ----------------
Total net income 5,881,467
----------------------------------------------------- ---------------- ---------------- ----------------
----------------------------------------------------- ---------------- ---------------- ----------------
DATES OUTSTANDING SHARES FRACTION OF WEIGHTED
OUTSTANDING PERIOD AVERAGE
SHARES
----------------------------------------------------- ---------------- ---------------- ----------------
July 1, 2000 9,315,265 9,315,265
----------------------------------------------------- ---------------- ---------------- ----------------
July 1, 1999 to September 30, 2000
----------------------------------------------------- ---------------- ---------------- ----------------
_______- - -
- ---------------
----------------------------------------------------- ---------------- ---------------- ----------------
WEIGHTED AVERAGE SHARES 9,315,265 9,315,265
========= =========
----------------------------------------------------- ---------------- ---------------- ----------------
--------------------------------------------------------------------------------------- ----------------
BASIC LOSS PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 $
--------------------------------------------------------------------------------------- ----------------
--------------------------------------------------------------------------------------- ----------------
Net loss available to common stockholders from continuing operations (772,318)
--------------------------------------------------------------------------------------- ----------------
Net loss available to common stockholders from discontinued operations (2,155,502)
-----------
--------------------------------------------------------------------------------------- ----------------
Total net loss (2,927,820)
===========
----------------------------------------------------- ---------------- ---------------- ----------------
----------------------------------------------------- ---------------- ---------------- ----------------
DATES OUTSTANDING SHARES FRACTION OF WEIGHTED
OUTSTANDING PERIOD AVERAGE
SHARES
----------------------------------------------------- ---------------- ---------------- ----------------
July 1, 1999 6,329,731 1,00 6,329,731
----------------------------------------------------- ---------------- ---------------- ----------------
July 1, 1999to September 30, 1999
----------------------------------------------------- ---------------- ---------------- ----------------
Options converted to shares during the quarter 80,000 0,50 40,000
----------------------------------------------------- ---------------- ---------------- ----------------
Debentures converted into shares during the
Quarter __16,500 0,50 8,250
------ ------------
----------------------------------------------------- ---------------- ---------------- ----------------
WEIGHTED AVERAGE SHARES 6,426,231 6,377,981
========= =========
----------------------------------------------------- ---------------- ---------------- ----------------
</TABLE>
-19-
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 11.1
<S> <C> <C> <C>
(Loss)/earnings per share data is calculated as follows:
--------------------------------------------------------------------------------------- ----------------
DILUTED INCOME PER SHARE FOR THE QUARTER ENDED SEPTEMBER 30, 2000 $
--------------------------------------------------------------------------------------- ----------------
Net loss available to common stockholders from continuing operations (1,538,741)
--------------------------------------------------------------------------------------- ----------------
Add impact of assumed conversions 308,081
----------
--------------------------------------------------------------------------------------- ----------------
(1,230,660)
--------------------------------------------------------------------------------------- ----------------
Net income available to common stockholders from discontinued operations 7,420,208
---------
--------------------------------------------------------------------------------------- ----------------
ADJUSTED NET INCOME 6,189,548
---------
--------------------------------------------------------------------------------------- ----------------
Weighted average shares 9,315,265
--------------------------------------------------------------------------------------- ----------------
Warrants and options not yet exercised 255,455
--------------------------------------------------------------------------------------- ----------------
Increasing rate debentures 1,263,158
----------
--------------------------------------------------------------------------------------- ----------------
ADJUSTED WEIGHTED AVERAGE SHARES 10,833,878
==========
--------------------------------------------------------------------------------------- ----------------
--------------------------------------------------------------------------------------- ----------------
DILUTED LOSS PER SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 $
--------------------------------------------------------------------------------------- ----------------
Net loss available to common stockholders from continuing operations (772,318)
--------------------------------------------------------------------------------------- ----------------
Add impact of assumed conversions 621,059
-----------
--------------------------------------------------------------------------------------- ----------------
(151,259)
--------------------------------------------------------------------------------------- ----------------
Net loss available to common stockholders from discontinued operations (2,155,502)
-----------
--------------------------------------------------------------------------------------- ----------------
ADJUSTED NET LOSS (2,306,761)
===========
--------------------------------------------------------------------------------------- ----------------
Weighted average shares 6,377,981
--------------------------------------------------------------------------------------- ----------------
Warrants and options not yet exercised 280,198
--------------------------------------------------------------------------------------- ----------------
9% convertible debentures 740,916
--------------------------------------------------------------------------------------- ----------------
Increasing rate debentures 1,578,947
---------
--------------------------------------------------------------------------------------- ----------------
ADJUSTED WEIGHTED AVERAGE SHARES 8,978,042
=========
--------------------------------------------------------------------------------------- ----------------
</TABLE>
