EX-11 4 g68543ex11.txt COMPUTATION OF PER SHARE EARNINGS 1 EXHIBIT 11 STATEMENT RE: COMPUTATION OF DILUTED COMMON EARNINGS (LOSS) PER SHARE (In thousands)
Years Ended December 31, ----------------------------------------------------------------------- 2000 1999 1998 --------------------- -------------------- ---------------------- Weighted average number of shares 12,288 12,014 12,039 Net effect of dilutive stock options and warrants based on the treasury stock method (1) -- -- -- --------------------- -------------------- ---------------------- Weighted average number of common shares and common stock equivalents 12,288 12,014 12,039 --------------------- -------------------- ---------------------- Net loss ($14,419) ($1,693) ($17,448) Common stock dividend to preferred shareholders (2) -- -- (1) --------------------- -------------------- ---------------------- Net loss to common stockholders ($14,419) ($1,693) ($17,449) ===================== ==================== ====================== Diluted loss per share amount (3) ($1.17) ($0.14) ($1.45) ===================== ==================== ======================
(1) Stock options and warrants are excluded from the weighted average number of common shares due to their anti-dilutive effect. (2) In December 2000, 1999, and, 1998, the Board of Directors approved a Common Stock dividend of 183, 183, and 293 shares to the stockholders of record of Series A Convertible Preferred Stock as of December 15, 2000, 1999, and 1998 that was paid January 2001, 2000, and 1999 respectively. The market value of the common stock distributed was approximately $34, $297 and $1,000 at December 15, 2000, 1999 and 1998, respectively. (3) The assumed conversion of the preferred stock would have an immaterial effect (less than 1/10 of $.01) in all periods, and therefore that calculation has been omitted.