EXHIBIT 11
Calculation of Earnings per Share
(In Thousands, except for per Share Amounts)
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30,
1999 2000 1999 2000
---- ---- ---- ----
Numerator:
<S> <C> <C> <C> <C>
Net income (loss) ................................... $ 208 $ (2,128) $ 281 $ (3,362)
Preferred stock dividends............................ -- -- -- --
--------- ----------- --------- -----------
Numerator for basic earnings (loss) per share -
income (loss) available to common shareholders....... $ 208 $ (2,128) $ 281 $ (3,362)
Effect of dilutive securities:
Preferred stock dividends............................ -- -- -- --
Interest on unpaid preferred stock dividends......... -- -- -- --
--------- ----------- --------- -----------
-- -- -- --
Numerator for dilutive earnings (loss) per share -
income (loss) available to common shareholders after
assumed conversion................................... $ 208 $ (2,128) $ 281 $ (3,362)
Denominator:
Denominator for basic earnings (loss) per share-
weighted-average shares.............................. 11,029 $ 11,510 11,028 11,457
Effect of dilutive securities:
Employee stock options and warrants.................. -- -- -- --
Convertible preferred stock.......................... -- -- -- --
--------- ----------- ---------- -----------
-- -- -- --
Dilutive potential common shares
Denominator for diluted earnings (loss) per share -
Adjusted weighted-average shares and
assumed conversion................................... 11,869 11,510 11,633 11,457
========= =========== ========= ===========
Basic earnings (loss) per share...................... $ 0.02 $ (.18) $ 0.03 $ (.29)
========= =========== ========= ===========
Diluted earnings (loss) per share.................... $ 0.01 $ (.18) $ 0.02 $ (.29)
========= =========== ========= ===========
</TABLE>