EXHIBIT 11

COMPUTATION OF PER SHARE EARNINGS

	Quarter Ended March 31,
	2004			2003
Diluted net (loss) income per share:
Net (loss) income to common shareholders	$	(1,635,000	)	$	1,660,000
Average number of shares outstanding	8,673,950			8,478,450
Net effect of dilutive stock options based on treasury stock method	—			289,167
Total average shares	8,673,950			8,767,617
Diluted net (loss)  income per share	$	(0.19	)	$	0.19