EX-11.1 5 h81908ex11-1.txt STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS 1 EXHIBIT 11.1 COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------- -------------------------- 2000 1999 2000 1999 ---------- ---------- ---------- ----------- Basic: Average shares outstanding ..................... 4,076,618 4,055,092 4,076,618 4,084,862 Net Income ..................................... $ 184,000 $ 74,000 $1,014,000 $ (112,000) Per share amount ............................... $ .0452 $ .0182 $ .2488 $ (.0274) Diluted: Average shares outstanding ..................... 4,076,618 4,055,092 4,076,618 4,084,862 Net effect of dilutive stock options -- based on the treasury stock method using period-end market price, if higher than average market price... -- -- 125,198 -- Assumed conversion of Class B convertible Preferred Stock ................................ -- -- 420,000 -- Total .................................. 4,076,618 4,055,092 4,621,816 4,084,862 Net Income ....................................... $ 184,000 $ 74,000 $1,082,000 $ (112,000) Per share amount* ................................ $ .0452 $ .0182 $ .2341 $ (.0274)
---------- * For all periods presented, except for the nine months ended September 30, 2000, the conversion of common stock equivalents would be anti-dilutive.