<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
EXHIBIT 11
Statement re: Computation of Per Share Earnings
Nine Months Nine Months Three Months Three Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
2000 1999 2000 1999
------------- ------------- -------------- -----------
Basic Net Income (Loss) per Common Share:
-----------------------------------------
Numerator:
Net income (loss) for the period $ (201,816) 2,053,745 19,511 279,640
Series A preferred stock dividends (225,000) 225,000) (75,000) (75,000)
------------- ----------- ---------- ----------
Net income (loss) attributable to
common shares $ (426,816) 1,828,745 (55,489) 204,640
============= =========== ========== ==========
Denominator:
Actual common shares outstanding:
Beginning of period 2,029,313 1,943,935 2,022,530 1,969,935
End of period 2,028,244 2,029,313 2,028,244 2,029,313
Weighted average for the period
(Based on the actual days which
the incremental shares, if any,
were outstanding) 2,021,892 1,967,715 2,024,393 1,993,091
============= =========== ========== ==========
Basic net income (loss) per common share $ (0.21) 0.93 (0.03) 0.10
============= =========== ========== ==========
Diluted Net Income (Loss) per Common Share:
-------------------------------------------
Numerator:
Net income (loss) attributable to
common shares $ (426,816) 1,828,745 (55,489) 204,640
Impact of assumed conversions:
Series A preferred stock dividends - 225,000 - -
Convertible debenture interest, net of tax - 186,000 - -
------------- ----------- ---------- ----------
$ (426,816) 2,239,745 (55,489) 204,640
============= =========== ========== ==========
Denominator:
Weighted average common shares outstanding 2,021,892 1,967,715 2,024,393 1,993,091
Impact of assumed conversions:
Common share equivalents resulting
from "in-the-money" stock options - 29,677 - 35,816
Series A preferred stock - 574,351 - -
Convertible debentures - 555,555 - -
------------- ----------- ---------- ----------
2,021,892 3,127,298 2,024,393 2,028,907
Diluted net income (loss) per common share $ (0.21) 0.72 (0.03) 0.10
============= =========== ========== ==========
</TABLE>
Note:The impact from the assumed conversion of the convertible debentures and
the Series A preferred stock, or from "in-the-money" stock options are
excluded from the computations of diluted net income (loss) per common
share whenever the impact would be antidilutive for the period presented.
