EXHIBIT 11

COMPUTATION OF INCOME (LOSS) PER COMMON SHARE

	Year Ended December 31,
	2004			2003		2002
Diluted net income (loss) per share:
Net income (loss) to common shareholders	$	(3,932,000	)	$	5,399,000	$	16,705,000
Weighted average number of shares outstanding	8,462,950			8,651,500		9,905,900
Net effect of dilutive put option agreements based on the reverse treasury method	—			—		16,500
Net effect of dilutive stock options based on treasury stock Method	—			115,900		126,700
Total average shares	8,462,950			8,767,400		10,049,100
Fully diluted net income (loss) per share	$	(0.46	)	$	0.62	$	1.66