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<PAGE>
Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
THREE MONTHS SIX MONTHS
------------ ----------
6/30/00 6/30/99 6/30/00 6/30/99
------- ------- ------- -------
BASIC
--------------------
Net earnings applicable to common stock:
<S> <C> <C> <C> <C>
Net Income (Loss) $ 763,681 $ 577,177 $(1,175,308) $ (256,716)
Deduct preferred stock dividends paid (31,830) (31,830) (63,660) (63,660)
----------- ---------- ----------- -----------
Net earnings/(loss) applicable to common stock $ 731,851 $ 545,347 $(1,238,968) $ (320,376)
=========== ========== =========== ===========
Weighted average number of common shares outstanding
7,840,584 6,399,161 7,173,001 6,093,450
=========== ========== =========== ===========
EARNINGS/(LOSS) PER COMMON SHARE - BASIC $ 0.09 $ 0.09 $ (0.17) $ (0.05)
=========== ========== =========== ===========
EARNINGS/(LOSS) PER COMMON SHARE - DILUTED $ 0.07 $ 0.09 $ (0.17) $ (0.05)
=========== ========== =========== ===========
</TABLE>
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