<PAGE>
EXHIBIT 10.21 - EMPLOYMENT AGREEMENT

                              EMPLOYMENT AGREEMENT

      This Employment Agreement is entered into this 18th day of February 2004
effective the 1st day of February, 2004 (the "Effective Date") between Clear
Channel Broadcasting, Inc. (the "Company") and John Hogan (the "Employee").

      WHEREAS, the Company and the Employee desire to enter into an employment
relationship under the terms and conditions set forth in this Agreement;

      NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1. TERM OF EMPLOYMENT.

      The Employee's current Term of employment starts on the Effective Date,
above, and ends on January 31, 2006 unless neither party has given the notice
described in either Section 7(c) or 7(d), below. If such notice has not been
given on or before January 31, 2005 the Term shall automatically extend,
beginning February 1, 2005, one day at a time, until such notice has been given.

2. TITLE AND DUTIES.

      The Employee's title is President and Chief Executive Officer, Clear
Channel Radio. The Employee will perform job duties that are usual and customary
for this position, and will perform additional services and duties that the
Company may from time to time designate that are consistent with the usual and
customary duties of this position. The Employee will report to Mark Mays,
President and Chief Operating Officer, Clear Channel Broadcasting, Inc. The
Employee will devote his full working time and efforts to the business and
affairs of Clear Channel Radio.

3. COMPENSATION AND BENEFITS

      (A) BASE SALARY. The Company will pay the Employee an annual base salary
of $550,000 for the period from February 1, 2004 through January 31, 2005; and
$600,000 for the period from February 1, 2005 through January 31, 2006. The
Employee will be eligible for additional annual raises after January 31, 2006
commensurate with Company policy. All payments of base salary will be made in
installments according to the Company's regular payroll practice, prorated
monthly or weekly where appropriate, and subject to any increases that are
determined to be appropriate by the Board or its Compensation Committee

      (B) PERFORMANCE BONUS. No later than March 31 of each calendar year during
the term, Employee will be eligible to receive a performance bonus as set forth
in the Performance Bonus Calculation attached as "Exhibit A" to this Employment
Agreement.

      (C) EMPLOYMENT BENEFIT PLANS. The Employee will be entitled to participate
in all pension, profit sharing, and other retirement plans, all incentive
compensation plans, and all

<PAGE>

group health, hospitalization and disability or other insurance plans, paid
vacation, sick leave and other employee welfare benefit plans in which other
similarly situated employees of the Company may participate as stated in the
employee guide.

      (D) EXPENSES. The Company will pay or reimburse the Employee for all
normal and reasonable travel and entertainment expenses incurred by the Employee
in connection with the Employee's responsibilities to the Company upon
submission of proper vouchers in accordance with the Company's expense
reimbursement policy.

      (E) STOCK OPTIONS. As additional, specific consideration to Employee for
entering into this Agreement, Employee shall receive 50,000 options to purchase
Clear Channel Stock subject to the terms and conditions as set by the Board at
its February 2004 meeting. Any future stock option grants will be granted based
upon the performance of the Employee, which will be assessed in the sole
discretion of the Company and the Compensation Committee of the Board. All
option grants shall be made under the terms and conditions set forth in the
applicable Clear Channel Communications Stock Option Plan under which they are
issued. The Company reserves the right to modify any future Company incentive
compensation or stock option plan with respect to the change of control, the
granting of restricted stock or any other provision of such plans. The Company's
obligations under this agreement to the Employee in the area of stock options
are conditioned upon and subject to the Company's future decision, in its sole
discretion, to: 1) alter, suspend or discontinue its stock option grant program;
or 2) replace the program with an alternative form or method of compensation.

4. NONDISCLOSURE OF CONFIDENTIAL INFORMATION.

      During the course of the Employee's employment with the Company, the
Company will provide the Employee with access to certain confidential
information, trade secrets, and other matters which are of a confidential or
proprietary nature, including but not limited to the Company's customer lists,
pricing information, production and cost data, compensation and fee information,
strategic business plans, budgets, financial statements, and other information
the Company treats as confidential or proprietary (collectively the
"Confidential Information"). The Company provides on an ongoing basis such
Confidential Information as the Company deems necessary or desirable to aid the
Employee in the performance of his duties. The Employee understands and
acknowledges that such Confidential Information is confidential and proprietary,
and agrees not to disclose such Confidential Information to anyone outside the
Company except to the extent that (i) the Employee deems such disclosure or use
reasonably necessary or appropriate in connection with performing his duties on
behalf of the Company; (ii) the Employee is required by order of a court of
competent jurisdiction (by subpoena or similar process) to disclose or discuss
any Confidential Information, provided that in such case, the Employee shall
promptly inform the Company of such event, shall cooperate with the Company in
attempting to obtain a protective order or to otherwise restrict such
disclosure, and shall only disclose Confidential Information to the minimum
extent necessary to comply with any such court order; or (iii) such Confidential
Information becomes generally known to and available for use in the industries
in which the Company does business, other than as a result of any action or
inaction by the Employee. The Employee further agrees that he will not during
employment and/or at any time thereafter use such Confidential Information in
competing, directly or indirectly, with the Company. At such time as the
Employee shall cease to be employed by the Company, he will immediately turn
over to the Company all Confidential Information, including papers, documents,
writings, electronically stored information, other property, and all copies of


                                        2
<PAGE>

them, provided to or created by him during the course of his employment with the
Company. This nondisclosure covenant is binding on the Employee, as well as his
heirs, successors, and legal representatives, and will survive the termination
of this Agreement for any reason.

5. NONHIRE OF COMPANY EMPLOYEES.

      To further preserve the rights of the Company pursuant to the
nondisclosure covenant discussed above, and for the consideration promised by
the Company under this Agreement, during the term of the Employee's employment
with the Company and for a period of twelve months thereafter, regardless of the
reason for termination of employment, the Employee will not, directly or
indirectly, (i) hire any current or prospective employee of the Company, or any
subsidiary or affiliate of the Company (including, without limitation, any
current or prospective employee of the Company within the 6-month period
preceding the Employee's last day of employment with the Company or within the
12-month period of this covenant) who worked, works, or has been offered
employment by the Company; (ii) solicit or encourage any such employee to
terminate their employment with the Company, or any subsidiary or affiliate of
the Company; or (iii) solicit or encourage any such employee to accept
employment with any business, operation, corporation, partnership, association,
agency, or other person or entity with which the Employee may be associated.

6. NON-COMPETITION.

      To further preserve the rights of the Company pursuant to the
nondisclosure covenant discussed above, and for the consideration promised by
the Company under this Agreement, during the Employee's employment with the
Company and for a period of one year thereafter, regardless of the reason for
termination of employment, the Employee will not, directly or indirectly, as an
owner, director, principal, agent, officer, employee, partner, consultant,
servant, or otherwise, carry on, operate, manage, control, or become involved in
any manner with any business, operation, corporation, partnership, association,
agency, or other person or entity which is in the same business as the Company
in any location in which the Company, or any subsidiary or affiliate of the
Company, operates or has plans or has projected to operate during the Employee's
employment with the Company, including any area within a 50-mile radius of any
such location. The foregoing shall not prohibit the Employee from owning up to
5.0% of the outstanding stock of any publicly held company. Notwithstanding the
foregoing, after the Employee's employment with the Company has terminated, upon
receiving written permission by the Board, the Employee shall be permitted to
engage in such competing activities that would otherwise be prohibited by this
covenant if such activities are determined in the sole discretion of the Board
in good faith to be immaterial to the operations of the Company, or any
subsidiary or affiliate of the Company, in the location in question.

      To further preserve the rights of the Company pursuant to the
nondisclosure covenant discussed above, and for the consideration promised by
the Company under this Agreement, during the term of the Employee's employment
with the Company and for a period of one year thereafter, regardless of the
reason for termination of employment, the Employee will not, directly or
indirectly, either for himself or for any other business, operation,
corporation, partnership, association, agency, or other person or entity, call
upon, compete for, solicit, divert, or take away, or attempt to divert or take
away current or prospective customers (including, without limitation, any
customer with whom the Company, or any subsidiary or affiliate of the Company,
(i) has an existing agreement or business relationship; (ii) has had an
agreement or


                                        3
<PAGE>

business relationship within the six-month period preceding the Employee's last
day of employment with the Company; or (iii) has included as a prospect in its
applicable pipeline) of the Company, or any subsidiary or affiliate of the
Company.

      The Company and the Employee agree that the restrictions contained in this
noncompetition covenant are reasonable in scope and duration and are necessary
to protect the Company's business interests and Confidential Information. If any
provision of this noncompetition covenant as applied to any party or to any
circumstance is adjudged by a court or arbitrator to be invalid or
unenforceable, the same will in no way affect any other circumstance or the
validity or enforceability of this Agreement. If any such provision, or any part
thereof, is held to be unenforceable because of the scope, duration, or
geographic area covered thereby, the parties agree that the court or arbitrator
making such determination shall have the power to reduce the scope and/or
duration and/or geographic area of such provision, and/or to delete specific
words or phrases, and in its reduced form, such provision shall then be
enforceable and shall be enforced. The parties agree and acknowledge that the
breach of this noncompetition covenant will cause irreparable damage to the
Company, and upon breach of any provision of this noncompetition covenant, the
Company shall be entitled to injunctive relief, specific performance, or other
equitable relief; provided, however, that this shall in no way limit any other
remedies which the Company may have (including, without limitation, the right to
seek monetary damages).

Should the Employee violate the provisions of this noncompetition covenant, then
in addition to all other rights and remedies available to the Company at law or
in equity, the duration of this covenant shall automatically be extended for the
period of time from which the Employee began such violation until he permanently
ceases such violation

7. TERMINATION.

      The Employee's employment with the Company may be terminated under the
following circumstances:

      (A) DEATH. The Employee's employment with the Company shall terminate upon
his death.

      (B) DISABILITY. The Company may terminate the Employee's employment with
the Company if, as a result of the Employee's incapacity due to physical or
mental illness, the Employee is unable to perform his duties under this
Agreement on a full-time basis for more than 90 days in any 12 month period, as
determined by the Company.

      (C) TERMINATION BY THE COMPANY. The Company may terminate the Employee's
employment with the Company for any reason at any time upon one year's written
notice. The Company may also terminate his employment for Cause. A termination
for Cause must be for one or more of the following reasons: (i) conduct by the
Employee constituting a material act of willful misconduct in connection with
the performance of his duties, including, without limitation, violation of the
Company's policy on sexual harassment, misappropriation of funds or property of
the Company or any of its affiliates other than the occasional, customary and de
minimis use of Company property for personal purposes, or other willful
misconduct as determined in the sole reasonable discretion of the Company; (ii)
continued, willful and deliberate non-performance by the Employee of his duties
hereunder (other than by reason of the


                                        4
<PAGE>

Employee's physical or mental illness, incapacity or disability) where such
non-performance has continued for more than 10 days following written notice of
such non-performance; (iii) the Employee's refusal or failure to follow lawful
directives where such refusal or failure has continued for more than 30 days
following written notice of such refusal or failure; (iv) a criminal or civil
conviction of the Employee, a plea of nolo contendere by the Employee, or other
conduct by the Employee that, as determined in the sole reasonable discretion of
the Board, has resulted in, or would result in if he were retained in his
position with the Company, material injury to the reputation of the Company,
including, without limitation, conviction of fraud, theft, embezzlement, or a
crime involving moral turpitude; (v) a material breach by the Employee of any of
the provisions of this Agreement; or (vi) a material violation by the Employee
of the Company's employment policies.

      (D) TERMINATION BY THE EMPLOYEE. The Employee may terminate his employment
with the Company at any time with a one year written notice to Company.

      (E) KEY MAN. (This provision has been approved by the Compensation
Committee of the Board of Directors.) In the event that during the Term of this
Agreement the circumstance arises that the Employee does not report directly to
Lowry Mays, Mark Mays, or Randall Mays, Employee may terminate this Agreement,
in writing, but in no event later than 90 days after such circumstance occurs.
Compensation as a result of a Termination under this provision shall be treated
the same as if the Company had terminated the Employee For Cause (See Section
8(c), below).

8. COMPENSATION UPON TERMINATION.

      (A) DEATH. If the Employee's employment with the Company terminates by
reason of his death, the Company will, within 45 days, pay in a lump sum amount
to such person as the Employee shall designate in a notice filed with the
Company or, if no such person is designated, to the Employee's estate, the
Employee's accrued and unpaid base salary and prorated bonus, if any (See
Exhibit A), and any payments to which the Employee's spouse, beneficiaries, or
estate may be entitled under any applicable employee benefit plan (according to
the terms of such plans and policies).

      (B) DISABILITY. If the Employee's employment with the Company terminates
by reason of his disability, the Company shall, within 45 days, pay in a lump
sum amount to the Employee his accrued and unpaid base salary and prorated
bonus, if any (See Exhibit A), and any payments to which he may be entitled
under any applicable employee benefit plan (according to the terms of such plans
and policies).

      (C) TERMINATION BY THE COMPANY FOR CAUSE. If the Employee's employment
with the Company is terminated by the Company for Cause the Company will, within
45 days, pay in a lump sum amount to the Employee his accrued and unpaid base
salary and any payments to which he may be entitled under any applicable
employee benefit plan (according to the terms of such plans and policies).

      (D) TERMINATION BY THE COMPANY WITHOUT CAUSE. If the Employee's employment
with the Company is terminated by the Company without Cause, the Company will:
(1) Pay the Employee the greater of: (A) Employee's unpaid base salary and
prorated bonus, if any (See Exhibit A), through January 31, 2006; or (B) the one
year notice period in Section 7(c) provided


                                        5
<PAGE>

such notice has been given on or after February 1, 2005 and provided Employee is
ready, willing and able to perform such reasonable duties as the Company may
direct during such notice period; and (2) Pay Employee any payments to which he
may be entitled under any applicable employee benefit plan (according to the
terms of such plans and policies); and (3) Pay Employee $1,600,000.00 over 3
years commencing on the effective date of the termination and in accordance with
the Company's standard payroll practices as consideration for the non-compete
obligations in Section 6, above.

      (E) TERMINATION BY EMPLOYEE. If the Employee gives the notice described
above in Section 7(d) the Company shall continue to pay Employee during the
remainder of the one year notice period and after the expiration of this
Agreement shall pay Employee an additional year of his then current salary as
consideration for the non-compete obligations of Section 6, above.

      (F) EFFECT OF COMPLIANCE WITH COMPENSATION UPON TERMINATION PROVISIONS.
Upon complying with Subparagraphs 8(a) through 8(e) above, as applicable, the
Company will have no further obligations to the Employee except as otherwise
expressly provided under this Agreement, provided that such compliance will not
adversely affect or alter the Employee's rights under any employee benefit plan
of the Company in which the Employee has a vested interest, unless, otherwise
provided in such employee benefit plan or any agreement or other instrument
attendant thereto.

9. PARTIES BENEFITED; ASSIGNMENTS.

      This Agreement shall be binding upon the Employee, his heirs and his
personal representative or representatives, and upon the Company and its
respective successors and assigns. Neither this Agreement nor any rights or
obligations hereunder may be assigned by the Employee, other than by will or by
the laws of descent and distribution.

10. NOTICES.

      Any notice provided for in this Agreement will be in writing and will be
deemed to have been given when delivered or mailed by United States registered
or certified mail, return receipt requested, postage prepaid. If to the Board or
the Company, the notice will be sent to Mark P. Mays, 200 E. Basse Road, San
Antonio, TX 78209 and a copy of the notice will be sent to Kenneth J. Wyker, 200
E. Basse Road, San Antonio, TX 78209. If to the Employee, the notice will be
sent to 30899 Venturer, Fair Oaks Ranch, TX 78015 and a copy of the notice will
be sent to Michael Hogan_______________________________________________. Such
notices may alternatively be sent to such other address as any party may have
furnished to the other in writing in accordance with this Agreement, except that
notices of change of address shall be effective only upon receipt.

11. GOVERNING LAW.

      This Agreement shall be governed by and construed in accordance with the
internal laws of the State of Texas without giving effect to any choice of law
or conflict provisions or rule (whether of the State of Texas or any other
jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Texas and the Employee hereby expressly


                                        6
<PAGE>

consents to the personal jurisdiction of the state and federal courts located in
the State of Texas for any lawsuit arising from or relating to this Agreement.

12. DEFINITION OF COMPANY.

      As used in this Agreement, the term "Company" shall include any of its
present and future divisions, operating companies, subsidiaries and affiliates.

13. LITIGATION AND REGULATORY COOPERATION.

      During and after the Employee's employment, the Employee shall reasonably
cooperate with the Company in the defense or prosecution of any claims or
actions now in existence or which may be brought in the future against or on
behalf of the Company which relate to events or occurrences that transpired
while the Employee was employed by the Company; provided, however, that such
cooperation shall not materially and adversely affect the Employee or expose the
Employee to an increased probability of civil or criminal litigation. The
Employee's cooperation in connection with such claims or actions shall include,
but not be limited to, being available to meet with counsel to prepare for
discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times. During and after the Employee's employment, the Employee also
shall cooperate fully with the Company in connection with any investigation or
review of any federal, state or local regulatory authority as any such
investigation or review relates to events or occurrences that transpired while
the Employee was employed by the Company. The Company will pay the Employee on
an hourly basis (to be derived from his base salary) for requested litigation
and regulatory cooperation that occurs after his termination of employment, and
reimburse the Employee for all costs and expenses incurred in connection with
his performance under this paragraph, including, but not limited to, reasonable
attorneys' fees and costs.

14. INDEMNIFICATION AND INSURANCE; LEGAL EXPENSES.

      The Company shall indemnify the Employee to the fullest extent permitted
by law, in effect at the time of the subject act or omission, and shall advance
to the Employee reasonable attorneys' fees and expenses as such fees and
expenses are incurred (subject to an undertaking from the Employee to repay such
advances if it shall be finally determined by a judicial decision which is not
subject to further appeal that the Employee was not entitled to the
reimbursement of such fees and expenses), and the Employee will be entitled to
the protection of any insurance policies that the Company may elect to maintain
generally for the benefit of its directors and officers against all costs,
charges and expenses incurred or sustained by him in connection with any action,
suit or proceeding to which he may be made a party by reason of his being or
having been a director, officer or employee of the Company or any of its
subsidiaries, or his serving or having served any other enterprise as a
director, officer or employee at the request of the Company (other than any
dispute, claim or controversy arising under or relating to this Agreement). The
Company covenants to maintain during the Employee's employment for the benefit
of the Employee (in his capacity as an officer and director of the Company)
Directors and Officers Insurance providing benefits to the Employee no less
favorable, taken as a whole, than the benefits provided to the other similarly
situated employees of the Company by the Directors and Officers Insurance
maintained by the Company on the date hereof; provided, however, that


                                        7
<PAGE>

the Board may elect to terminate Directors and Officers Insurance for all
officers and directors, including the Employee, if the Board determines in good
faith that such insurance is not available or is available only at unreasonable
expense.

15. ARBITRATION.

The parties agree that any dispute, controversy or claim, whether based on
contract, tort, statute, discrimination, retaliation, or otherwise, relating to,
arising from or connected in any manner to this Agreement, or to the alleged
breach of this Agreement, or arising out of or relating to Employee's employment
or termination of employment, shall, upon timely written request of either party
be submitted to and resolved by binding arbitration. The arbitration shall be
conducted in San Antonio, Texas. The arbitration shall proceed in accordance
with the National Rules for Resolution of Employment Disputes of the American
Arbitration Association ("AAA") in effect at the time the claim or dispute
arose, unless other rules are agreed upon by the parties. Unless otherwise
agreed to by the parties in writing, the arbitration shall be conducted by one
arbitrator who is a member of the AAA and who is selected pursuant to the
methods set out in the National Rules for Resolution of Employment Disputes of
the AAA. Any claims received after the applicable/relevant statute of
limitations period has passed shall be deemed null and void. The award of the
arbitrator shall be a reasoned award with findings of fact and conclusions of
law. Either party may bring an action in any court of competent jurisdiction to
compel arbitration under this Agreement, to enforce an arbitration award, and to
vacate an arbitration award. However, in actions seeking to vacate an award, the
standard of review to be applied by said court to the arbitrator's findings of
fact and conclusions of law will be the same as that applied by an appellate
court reviewing a decision of a trial court sitting without a jury. The Company
will pay the actual costs of arbitration excluding attorney's fees. Each party
will pay its own attorneys fees and other costs incurred by their respective
attorneys.

16. REPRESENTATIONS AND WARRANTIES OF THE EMPLOYEE.

      The Employee represents and warrants to the Company that he is under no
contractual or other restriction which is inconsistent with the execution of
this Agreement, the performance of his duties hereunder or the other rights of
Company hereunder. The Employee also represents and warrants to the Company that
he is under no physical or mental disability that would hinder the performance
of his duties under this Agreement.

17. MISCELLANEOUS.

      This Agreement contains the entire agreement of the parties relating to
the subject matter hereof. This Agreement supersedes any prior written or oral
agreements or understandings between the parties relating to the subject matter
hereof. No modification or amendment of this Agreement shall be valid unless in
writing and signed by or on behalf of the parties hereto. The failure of a party
to require performance of any provision of this Agreement shall in no manner
affect the right of such party at a later time to enforce any provision of this
Agreement. A waiver of the breach of any term or condition of this Agreement
shall not be deemed to constitute a waiver of any subsequent breach of the same
or any other term or condition. This Agreement is intended to be performed in
accordance with, and only to the extent permitted by, all applicable


                                        8
<PAGE>

laws, ordinances, rules and regulations. If any provision of this Agreement, or
the application thereof to any person or circumstance, shall, for any reason and
to any extent, be held invalid or unenforceable, such invalidity and
unenforceability shall not affect the remaining provisions hereof or the
application of such provisions to other persons or circumstances, all of which
shall be enforced to the greatest extent permitted by law. The headings in this
Agreement are inserted for convenience of reference only and shall not be a part
of or control or affect the meaning of any provision hereof.

      IN WITNESS WHEREOF, the parties have duly executed and delivered this
Agreement as of the date first written above.

DATE: 2/18/04                           JOHN HOGAN

                                          /s/ JOHN HOGAN
                                        ---------------------------------

                                        CLEAR CHANNEL BROADCASTING, INC.

DATE: 2/19/04                           By:    /s/ MARK P. MAYS
                                               --------------------------
                                        Name:  Mark P. Mays
                                        Title: President and
                                        Chief Executive Officer


                                        9


<PAGE>

                    EXHIBIT A - PERFORMANCE BONUS CALCULATION

JOHN HOGAN

<TABLE>
<CAPTION>
                                      70%                  30%                100%
                                   Individual             Group              Total
          EBIT       % of Bonus      Bonus                Bonus              Bonus
2.8%   Growth Rate   Opportunity    Target      Bonus 1   Target   Bonus 2   Target     Total
----   -----------   -----------   ----------   -------   ------   -------   ------   ---------
<S>    <C>           <C>           <C>          <C>       <C>      <C>       <C>      <C>
                 2%          2.5%        1.75%   10,500     0.75%    4,500               15,000
                 3%          5.0%        3.50%   21,000     1.50%    9,000               30,000
                 4%          7.5%        5.25%   31,500     2.25%   13,500               45,000
                 5%         10.0%        7.00%   42,000     3.00%   18,000               60,000
                 6%         12.5%        8.75%   52,500     3.75%   22,500               75,000
                 7%         20.0%       14.00%   84,000     6.00%   36,000              120,000
                 8%         27.5%       19.25%  115,500     8.25%   49,500              165,000
                 9%         35.0%       24.50%  147,000    10.50%   63,000              210,000
                10%         42.5%       29.75%  178,500    12.75%   76,500              255,000
                11%         50.0%       35.00%  210,000    15.00%   90,000              300,000
                12%         60.0%       42.00%  252,000    18.00%  108,000              360,000
                13%         70.0%       49.00%  294,000    21.00%  126,000              420,000
                14%         80.0%       56.00%  336,000    24.00%  144,000              480,000
                15%         90.0%       63.00%  378,000    27.00%  162,000              540,000
                16%        100.0%       70.00%  420,000    30.00%  180,000              600,000
                17%        110.0%       77.00%  462,000    33.00%  198,000              660,000
                18%        120.0%       84.00%  504,000    36.00%  216,000              720,000
                19%        130.0%       91.00%  546,000    39.00%  234,000              780,000
                20%        140.0%       98.00%  588,000    42.00%  252,000              840,000
                21%        150.0%      105.00%  630,000    45.00%  270,000              900,000
                22%        160.0%      112.00%  672,000    48.00%  288,000              960,000
                23%        170.0%      119.00%  714,000    51.00%  306,000            1,020,000
                24%        180.0%      126.00%  756,000    54.00%  324,000            1,080,000
                25%        190.0%      133.00%  798,000    57.00%  342,000            1,140,000
                26%        200.0%      140.00%  840,000    60.00%  360,000            1,200,000
</TABLE>