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<PAGE>
EXHIBIT 11
COMPUTATION OF INCOME (LOSS) PER SHARE
FOR THE QUARTER ENDED SEPTEMBER 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
----------- ----------
<S> <C> <C>
Net income (loss) $(1,818,562) $9,157,554
=========== ==========
Weighted average number of common shares outstanding 9,291,637 8,351,012
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Basic income (loss) per share $ (0.20) $ 1.09
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Weighted average number of common shares outstanding 9,291,637 8,351,012
Common share equivalents applicable to:
Warrants - Class A
Warrants - Class B
Warrants - Class C 9,067
Warrants - Other 878,750 937,083
Stock options 1,111,850 697,242
Less common stock acquired with net proceeds (1,990,600) (1,642,892)
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Weighted average number of common shares and
common share equivalents used to compute diluted
loss per share 9,291,637 8,351,512
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Diluted income (loss) per share $ (0.20) $ 1.09
=========== ==========
</TABLE>
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