EX-11 3 a2077010zex-11.txt EXHIBIT 11 EXHIBIT 11 TO FORM 10-KSB COMPUTATION OF EARNINGS PER COMMON SHARE AND COMMON SHARE EQUIVALENTS
Year Ended December 31, -------------------------------- 2001 2000 ------------- ------------ BASIC EARNINGS PER SHARE Weighted average common shares outstanding .............. 19,049,454 18,877,192 ============= ============ Basic loss before extraordinary gain ................ $ (0.02) $ (0.46) ============= ============ Basic loss per share ................................ $ (0.02) $ (0.40) ============= ============ DILUTED EARNINGS PER SHARE Weighted average common shares outstanding .............. 19,049,454 18,877,192 Shares issuable from assumed conversion of Convertible preferred stock ...................... -- 259,458 Shares issuable from assumed conversion of common share options and warrants ................... 1,017,435 507,459 ------------- ------------ Weighted average common shares outstanding, as adjusted.. 20,066,889 19,644,109 ============= ============ Diluted loss before extraordinary gain .............. $ (0.02) $ (0.44) ============= ============ Diluted loss per share .............................. $ (0.02) $ (0.38) ============= ============ EARNINGS FOR BASIC AND DILUTED COMPUTATION Net loss before extraordinary gain ...................... $ (457,234) $ (8,660,638) Extraordinary gain ...................................... -- 1,126,034 ------------- ------------ Net loss to common stockholders (basic and diluted earnings per share computation) ..................... $ (457,234) $ (7,534,604) ============= ============
This calculation is submitted in accordance with Regulation S-K; although it is contrary to paragraphs 13 through 16 of the Financial Accounting Standards Board's Statement of Financial Standard No. 128, because it produces an antidilutive result. 55