EXHIBIT 11
Calculation of Weighted Average Shares
Outstanding for Net Income (Loss) Per Share
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1999 2000
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<S> <C> <C>
Earnings:
Net Income (Loss).......................................................... $ (605,618) $ 362,394
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Shares:
Weighted Average Number of Common Shares
Outstanding............................................................. 5,980,621 8,019,260
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Average Common Shares Outstanding and Equivalents.......................... 5,980,621 8,457,021
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Net Income (Loss) Per Share-Basic.......................................... $ (0.10) $ 0.05
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Net Income (Loss) Per Share-Diluted........................................ $ -- $ 0.05
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</TABLE>
* -- Calculation would be antidilutive for 1998.