<PAGE>   1
                                                                   Exhibit 11

                    COMPUTATIONS OF EARNINGS PER COMMON SHARE

<TABLE>
<CAPTION>
                                                                                THREE MONTHS ENDED
                                                              JUNE 30, 1999                              JUNE 30, 2000
                                                ----------------------------------------    -------------------------------------
                                                                              PER SHARE                                 PER SHARE
                                                 NET LOSS       SHARES          AMOUNT        NET LOSS       SHARES       AMOUNT
                                                ----------     --------       ----------     ----------     --------    ---------
                                                                  (IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA)
<S>                                              <C>           <C>             <C>           <C>            <C>         <C>
Net loss                                         $(2,454)                                     $ (7,118)
Less: preferred stock dividends                      199                                            --
                                                 -------                                      --------
Basic EPS
  Net loss available to common stockholders       (2,653)      2,035,714       $(1.30)          (7,118)     15,703,416    $ (0.45)
Effect of Dilutive Securities
  Convertible debt                                    --              --           --               --              --         --
  Convertible preferred stock                         --              --           --               --              --         --
  Stock option plans and warrants                     --              --           --               --              --         --
Dilutive EPS
  Net loss available to common stockholders      -------       ---------       ------         --------      ----------    -------
  and assumed conversions                        $(2,653)      2,035,714       $(1.30)        $ (7,118)     15,703,416    $ (0.45)
                                                 =======       =========       ======         ========      ==========    =======


<CAPTION>
                                                                                 SIX MONTHS ENDED
                                                              JUNE 30, 1999                              JUNE 30, 2000
                                                ----------------------------------------    -------------------------------------
                                                                              PER SHARE                                 PER SHARE
                                                 NET LOSS       SHARES          AMOUNT        NET LOSS       SHARES       AMOUNT
                                                ----------     --------       ----------     ----------     --------    ---------
                                                                  (IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA)
<S>                                              <C>           <C>             <C>           <C>            <C>         <C>
Net loss                                         $(5,421)                                     $(25,961)
Less: preferred stock dividends                      271                                            --
                                                 -------                                      --------
Basic EPS
  Net loss available to common stockholders       (5,692)      2,035,714       $(2.80)         (25,961)     12,393,816    $ (2.09)
Effect of Dilutive Securities
  Convertible debt                                    --              --           --               --              --         --
  Convertible preferred stock                         --              --           --               --              --         --
  Stock option plans and warrants                     --              --           --               --              --         --
Dilutive EPS
  Net loss available to common stockholders      -------       ---------       ------         --------      ----------    -------
  and assumed conversions                        $(5,692)      2,035,714       $(2.80)        $(25,961)     12,393,816    $ (2.09)
                                                 =======       =========       ======         ========      ==========    =======
</TABLE>



The Company's convertible debt, which is exchangeable into shares of the
Company's common stock, was outstanding for approximately two months during the
six months ended June 30, 1999, but was not included in the computation of
diluted earnings per share because the effect of such inclusion would have been
anti-dilutive. Options and warrants to purchase 777,718 and 455,350 shares,
respectively, of common stock were outstanding as of June 30, 1999 but were not
included in the computation of diluted earnings per share because the effect
would have been anti-dilutive. Options and warrants to purchase 2.9 million and
1.6 million shares, respectively, of common stock were outstanding as of June
30, 2000, but were not included in the computation of diluted earnings per share
because the effect would have been anti-dilutive. The Company's Series A
preferred stock, which was convertible into 1,035,706 shares of the Company's
common stock, was outstanding during the six months ended June 30, 1999, but was
not included in the computation of diluted earnings per share because the effect
would have been anti-dilutive. The Company's Series B preferred stock, which was
convertible into 3,466,897 shares of common stock was outstanding during the six
months ended June 30, 1999 but was not included in the computation of diluted
earnings per share because the effect would have been anti-dilutive.