EXHIBIT 11

COMPUTATION OF PER SHARE EARNINGS

	Three Months Ended September 30,					Nine Months Ended September 30,
	2002		2001			2002		2001
Diluted net income (loss) per share:
Net income (loss) to common Shareholders	$	1,650,000	$	(4,428,000	)	$	11,807,000	$	(11,151,000	)
Average number of shares outstanding	9,764,343		10,507,413			9,997,472		10,507,413
Net effect of dilutive stock options based on treasury stock method	13,500		—			13,500		—
Net effect of dilutive put option agreements based on the reverse treasury method	129,722		—			110,540		—
Total average shares	9,907,564		10,507,413			10,121,512		10,507,413
Diluted net income (loss) per share	$	0.17	$	(0.42	)	$	1.17	$	(1.06	)