EXHIBIT 11

COMPUTATION OF PER SHARE EARNINGS

	Quarter Ended June 30,					Six Months Ended June 30,
	2004			2003		2004			2003
Diluted net (loss) income per share:
Net (loss) income to common shareholders	$	(4,138,000	)	$	2,586,000	$	(5,773,000	)	$	4,246,000
Average number of shares outstanding	8,417,005			8,603,450		8,507,260			8,549,057
Net effect of dilutive stock options based on treasury stock method	—			658,000		—			658,000
Total average shares	8,417,005			9,261,450		8,507,260			9,207,057
Diluted net (loss) income per share	$	(0.49	)	$	0.28	$	(0.68	)	$	0.46