**EXHIBIT 11**

 

**Statement Regarding Computation of Per ShareEarnings**

 
|                                                                                                                        |   | **Three Months Ended  March 31,** |    |
|-----------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|
|                                                                                                                        |   | **2004**                          |    | **2003** |   |
|                                                                                                                        |   |                              |    |   |   |
| Weighted average number of  common shares outstanding                                                                       |   | 15,686,040                        |    | 15,426,317 |   |
|                                                                                                                        |   |                              |    |   |   |
| Add shares issuable pursuant to  common stock options/warrants less shares assumed repurchased at the average  market price |   | 34,526                            | (1)     | 23,345 | (1) |
|                                                                                                                        |   |                              |    |   |   |
| Tentative number of shares for  computation of diluted earnings per share                                                   |   | 15,720,566                        |    | 15,449,662 |   |
|                                                                                                                        |   |                              |    |   |   |
| Loss from continuing operations                                                                                             |   | $                                 | (79,749 | ) | $ | (65,165 | ) |
|                                                                                                                        |   |                              |    |   |   |   |   |
| Discontinued operations                                                                                                     |   | 43,704                            |    | — |   |
|                                                                                                                        |   |                              |    |   |   |
| Loss before cumulative effect  of change in accounting principle                                                            |   | (36,045                           | )       | (65,165 | ) |
|                                                                                                                        |   |                              |    |   |   |
| Cumulative effect of change in  accounting for future asset retirement obligations                                          |   | —                            |    | (105,777 | ) |
|                                                                                                                        |   |                              |    |   |   |
| Net loss                                                                                                                    |   | $                                 | (36,045 | ) | $ | (170,942 | ) |
|                                                                                                                        |   |                              |    |   |   |
| Basic and diluted loss per  common share:                                                                                   |   |                              |    |   |   |
| Continuing operations                                                                                                       |   | $                                 | —  |   | $ | — |   |
| Discontinued operations                                                                                                     |   | —                            |    | — |   |
| Cumulative effect of change in  accounting principle                                                                        |   | —                            |    | (0.01 | ) |
|                                                                                                                        |   |                              |    |   |   |
| Net loss                                                                                                                    |   | $                                 | —  |   | $ | (0.01 | ) |

 

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(1)               Theseshares are not used in the diluted earnings per share calculations as theireffect would be antidilutive.

 

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