EXHIBIT 11 - STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS



Per share earnings are computed and displayed on the Consolidated Statements of Income for
the years ended December 31, 2004 and 2003 included in Item 7 of this Form 10-KSB.



Average shares used in the computation of per share earnings for the Consolidated Statements of Income presentations include the following shares issued for basic and diluted per share earnings:



|                                                                                                          |  |                         |  |          
|--------------------------------------------------------------------------------------------------------- |  | ----------------------- |  | ---------
|                                                                                                          |  | # shares               
|                                                                                                          |  | Year Ended December 31,
|Date and Description                                                                                      |  | 2004                    |  | 2003     
|Basic:                                                                                                    |  |                         |  |          
|                                                                                                          |  |                        
|Outstanding at January 1                                                                                  |  | 6,244,917               |  | 5,661,002
|                                                                                                          |  |                        
|November 14, 2003 Conversion of note to 235,849 shares                                                    |  |                        |  | 31,016   
|December 5, 2003 Conversion of accrued interest on note to 21,735 shares                                  |  |                        |  | 1,608    
|December 9, 2003 Conversion of note to 45,455 shares                                                      |  |                        |  | 2,864    
|December 19, 2003 Conversion of note to 45,455 shares                                                     |  |                        |  | 1,619    
|December 23, 2003 Conversion of note to 28,302 shares                                                     |  |                        |  | 698      
|December 23, 2003 Conversion of note to 22,727 shares                                                     |  |                        |  | 560      
|December 23, 2003 Conversion of note to 45,455 shares                                                     |  |                        |  | 1,121    
|December 23, 2003 Conversion of note to 45,455 shares                                                     |  |                        |  | 1,121    
|December 23, 2003 Conversion of note to 22,727 shares                                                     |  |                        |  | 560      
|December 29, 2003 Conversion of note to 70,755 shares                                                     |  |                        |  | 582      
|                                                                                                          |  |                         |  |          
|                                                                                                          |  | 6,244,917               |  | 5,702,751
|Diluted:                                                                                                  |  |                         |  |          
|                                                                                                          |  |                        
|Assumed exercise of 1,000,000 warrants issued to former holders of the Companys Convertible Subordinated |  |                         |  |          
|Notes                                                                                                     |  | 334,683                 |  | 91,614   
|Assumed exercise of 20,000 warrants issued in exchange for investor relations services                    |  | 3,808                   |  |         
|Assumed conversion of Convertible Subordinated Note                                                       |  | 3,877                   |  |         
|                                                                                                          |  |                         |  |          
|                                                                                                          |  | 6,587,285               |  | 5,794,365
|                                                                                                          |  |                         |  |          



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