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                                                                EXHIBIT 11.1


STATEMENT REGARDING COMPUTATION OF PRO FORMA PER SHARE EARNINGS 




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<CAPTION>
                                   FOR THE YEARS ENDED                 FOR THE NINE MONTHS ENDED 
                                   -------------------                 -------------------------     
                                      DECEMBER 31,                          SEPTEMBER 30,    
                                      ------------                          -------------
                           1993          1994         1995               1995            1996
                           ----          ----         ----               ----            ----
<S>                    <C>            <C>           <C>              <C>               <C>                 
Pro forma net income                                                                                     
(loss)..............   $  (200,403)   $  (286,282)  $   836,756      $   567,989       $ 3,800,350        
                       -----------    -----------   -----------      -----------       -----------        
Weighted average                                                                                          
 number of                                                                            
 shares of Common                                                                     
 Stock outstanding:                                                                   
 Actual shares......    16,400,000     16,400,000    16,400,000       16,400,000        17,345,983
Additional shares                                                                     
 required to                                                                          
 replace the                                                                          
 distribution to                                                                      
 shareholders in                                                                      
 excess of  pro forma                                                                 
 earnings for the                                                                     
 twelve months ended                                                                  
 June 30, 1996.......            0              0       127,061                0            93,675
                       -----------    -----------   -----------      -----------       -----------      
                        16,400,000     16,400,000    16,527,061       16,400,000        17,439,658      
                       -----------    -----------   -----------      -----------       -----------      
Pro forma net income                                                                                    
(loss)                                                                                                  
per share of Common                                                                                     
Stock                  $     (0.01)   $     (0.02)  $      0.05      $      0.03       $      0.22      
                       ===========    ===========   ===========      ===========       ===========      
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