<TABLE>
                                                                                                                          Exhibit 11
                                                           Statement Re:
                                              Computation of Per share Earnings (Loss)

<CAPTION>
                                                                   Three months ended September 30,  Nine months ended September 30,
                                                                           1997           1996                1997           1996
                                                                        -----------   -----------         -----------    -----------
<S>                                                                     <C>           <C>                 <C>            <C>        
Primary                                                                                                
      Average shares outstanding                                                                       
                                                                         10,289,488    10,007,454          10,265,274      9,947,653
      Net effect of dilutive  stock  options-based                                                     
          on the treasury stock method                                                                 
          using average market price                                         14,637       616,642                --          512,251
                                                                        -----------   -----------         -----------    -----------
      Total                                                              10,304,125    10,624,096          10,265,274     10,459,904
                                                                                                       
      Net income (loss)                                                 $   274,191   $   234,308         $(3,474,043)   $   393,922
                                                                        ===========   ===========         ===========    ===========
                                                                                                       
      Per share amount                                                  $      0.03   $      0.02         $     (0.34)   $      0.04
                                                                        ===========   ===========         ===========    ===========
                                                                                                       
Fully Diluted                                                                                          
      Average common shares outstanding                                  10,289,488    10,007,454          10,265,274      9,947,653
      Average convertible preferred shares                                                             
          outstanding                                                       560,869          --                  --             --
      Net effect of dilutive  stock  options-based                                                     
          on the treasury stock method using the                                                       
          period-end market price if higher than average market price        14,637       616,642                --          553,377
                                                                        -----------   -----------         -----------    -----------
      Total                                                              10,864,994    10,624,096          10,265,274     10,501,030
                                                                                                       
      Net income (loss)                                                 $   274,191   $   234,308         $(3,474,043)   $   393,922
                                                                        ===========   ===========         ===========    ===========
                                                                                                       
      Per share amount                                                  $      0.03   $      0.02         $     (0.34)   $      0.04
                                                                        ===========   ===========         ===========    ===========
</TABLE>