EX-11 2 ex11.txt COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTH PERIOD ENDED JUNE 30, 1996 (Restated) ------------------------------------------------------- ----------------------------------------- ASSUMING PRIMARY FULL DILUTION ---------------- ------------------- WEIGHTED AVERAGE OF OUTSTANDING SHARES 26,888,775 26,888,775 COMMON EQUIVALENT SHARES: OUTSTANDING STOCK OPTIONS 489,947 527,710 OTHER POTENTIALLY DILUTIVE SECURITIES: CONVERTIBLE DEBENTURES N/A 3,887,304 --- ---------- SHARES USED IN COMPUTING NET INCOME PER SHARE 27,378,722 31,303,789 ========== =========== NET INCOME $3,054,000 $ 3,054,000 ADJUSTMENTS ASSUMING FULL DILUTION: INTEREST EXPENSE, NET OF TAXES N/A 681,000 --- -------- NET INCOME, ASSUMING FULL DILUTION $3,054,000 $ 3,735,000 ========== ============= NET INCOME PER SHARE $ 0.11 $ 0.11 DILUTION PERCENTAGE ASSUMING FULL DILUTION (1) N/A -6.976% --- ---------- NET INCOME PER SHARE $ 0.11 $ 0.11 ========== ============= SIX MONTH PERIOD ENDED JUNE 30, 1996 (Restated) ------------------------------------------------------- ----------------------------------------- ASSUMING PRIMARY FULL DILUTION ---------------- ------------------- WEIGHTED AVERAGE OF OUTSTANDING SHARES 26,838,407 26,838,407 COMMON EQUIVALENT SHARES: OUTSTANDING STOCK OPTIONS 431,978 534,372 OTHER POTENTIALLY DILUTIVE SECURITIES: CONVERTIBLE DEBENTURES N/A 3,887,304 -------------- ---------------- SHARES USED IN COMPUTING NET INCOME PER SHARE 27,270,385 31,260,083 ========== =========== NET INCOME $6,020,000 $ 6,020,000 ADJUSTMENTS ASSUMING FULL DILUTION: INTEREST EXPENSE, NET OF TAXES N/A 1,065,000 -------------- ----------- NET INCOME, ASSUMING FULL DILUTION $6,020,000 $ 7,085,000 ========== ============= NET INCOME PER SHARE $ 0.22 $ 0.23 DILUTION PERCENTAGE ASSUMING FULL DILUTION (1) N/A -2.672 -------------- ---------------- NET INCOME PER SHARE $ 0.22 $ 0.22 ========== =============
NOTES: (1) - PROVIDED THAT DILUTION IS GREATER THAN 3%, THE CONVERTIBLE DEBENTURES ARE CONSIDERED DILUTIVE IN THE CALCULATION AND PRESENTATION OF PER SHARE DATA. 20