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EXHIBIT 11
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STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30 Ended September 30
<S> <C> <C> <C> <C>
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2000 1999 2000 1999
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Shares for computation of basic
net income per share 7,346,229 5,818,588 7,008,226 5,818,588
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Effect of dilutive stock options
and warrants - - - -
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Shares for computation of
diluted net income per share 7,346,229 5,818,588 7,008,226 5,818,588
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</TABLE>
