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EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
BASIC EARNINGS PER SHARE
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Three Months Ended Six Months Ended
June 30, June 30,
------------------------------- ---------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Weighted average shares
outstanding--basic 26,296,798 26,437,347 26,321,076 26,418,217
Net income (loss) $(926,113) $ 2,322,017 $ (2,452,184) $ 5,115,765
--------- --------------- ------------ --------------
Basic net income (loss) per
share $ (0.04) $ 0.09 $ (0.09) $ 0.19
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