<TABLE>
                                         EXHIBIT 11


                             COMPUTATION OF PER SHARE EARNINGS
                           (In thousands, except per share data)

<CAPTION>
                                                                        Three Months Ended
                                                                             June 30,     
Primary Per Share Earnings                                                1997      1996 



<S>                                                                      <C>       <C>
Average shares outstanding during period                                 19,857    19,883
                                                                         ======   =======



Net loss                                                                 $ (702)  $  (591)

Undeclared cumulative dividends on
    preferred stock                                                         (50)     (348)
                                                                         ------   -------

Net income (loss) applicable to common shares                            $ (752)  $  (939)
                                                                         ======   =======



Primary earnings (loss) per common and common
    equivalent share:

    Net loss per common and common equivalent share                      $ (.04)  $  (.05)
                                                                         ======   =======
</TABLE>
<PAGE>
<TABLE>
                                         EXHIBIT 11


                         COMPUTATION OF PER SHARE EARNINGS (Cont'd)
                           (In thousands, except per share data)

<CAPTION>
                                                                        Three Months Ended
                                                                             June 30,     
<S>                                                                       <C>       <C>
Fully Diluted Per Share Earnings                                          1997      1996 



Average shares outstanding during period                                 19,857    19,883

Dilutive effect of convertible securities
    computed by the "if converted" method:

    Series A preferred stock                                                 95       328
    Series B & C preferred stock                                          1,986     9,931
                                                                         ------    ------
                                                                        
                                                                         21,938    30,142
                                                                         ======    ======



Net loss applicable to common shares                                     $ (702)     (591)
                                                                         ======    ======



Fully diluted earnings (loss) per common and common
    equivalent share:

    Net loss per common and common equivalent share                      $ (.03)   $ (.02)
                                                                         ======    ======
</TABLE>