EX-11 3 j0130_ex11.htm EX-11

EXHIBIT 11

 

COMPUTATION OF PER SHARE EARNINGS

 

 

 

Quarter Ended March 31,

 

 

 

2003

 

2002

 

Diluted net income (loss) per share:

 

 

 

 

 

Net income (loss) to common shareholders

 

$

1,660,000

 

$

(581,000

)

 

 

 

 

 

 

Average number of shares outstanding

 

8,478,450

 

10,269,665

 

Net effect of dilutive stock options based on treasury stock method

 

289,167

 

22,500

 

 

 

 

 

 

 

Net effect of dilutive put option agreements

 

—

 

243,413

 

Total average shares

 

8,767,617

 

10,535,578

 

 

 

 

 

 

 

Diluted net income (loss) per share

 

$

0.19

 

$

(0.06

)