<PAGE>

                                                                     EXHIBIT 11

     The following is an illustration of the reconciliation of the numerators 
and denominators of the basic and diluted earnings per share (EPS) 
computations:

<TABLE>
<CAPTION>

                                      1998                                   1997                               1996
                  -------------------------------------- -------------------------------------- ------------------------------------
                      INCOME         SHARES    PER SHARE     INCOME         SHARES    PER SHARE     INCOME    PER SHARE   AMOUNT
                    (NUMERATOR)  (DENOMINATOR)   AMOUNT    (NUMERATOR)  (DENOMINATOR)   AMOUNT    (NUMERATOR)   AMOUNT (DENOMINATOR)
                  -------------- ------------- --------- -------------- ------------- --------- ------------- -------- -------------
                  (IN THOUSANDS)                         (IN THOUSANDS)                         (IN THOUSANDS)
<S>               <C>            <C>           <C>       <C>            <C>           <C>       <C>           <C>      <C>  
BASIC EPS                 
Income before             
 items Below....     $ (6,245)     6,759,598    $(0.92)    $   463        5,249,736    $ 0.09      $ 3,630    3,432,679   $ 1.06
Preferred                 
 Securities.....       (7,357)                   (1.09)     (3,069)                     (0.58)      (1,667)                (0.49)
Discontinued               
 Operations.....           --                       --          --                         --           --                    --
Extraordinary               
 Items..........           --                       --      (2,535)                     (0.49)          --                    --
                     --------                   ------     -------                     ------      -------                ------
Net Income......     $(13,602)                  $(2.01)    $(5,141)                    $(0.98)     $ 1,963                $ 0.57
                     --------                   ------     -------                     ------      -------                ------
                     --------                   ------     -------                     ------      -------                ------
EFFECT OF DILUTIVE
Securities                  
    Options.....                         N/A                                295,065                             226,183 
    Warrants....                         N/A                              1,471,364                           1,167,178 

DILUTED EPS
  Income before            
   items Below..     $ (6,245)     6,759,598    $(0.92)    $   463        7,016,165    $ 0.07      $ 3,630    4,826,040   $ 0.75
  Preferred                
   Securities...       (7,357)                   (1.09)     (3,069)                     (0.44)      (1,667)                (0.34)
  Discontinued              
   Operations...           --                       --          --                         --           --                    --
  Extraordinary        
   Items........           --                       --      (2,535)                     (0.37)          --                    --
                     --------                   ------     -------                     ------      -------                ------
  Net Income....     $(13,602)                  $(2.01)    $(5,141)                    $(0.74)     $ 1,963                $ 0.41
                     --------                   ------     -------                     ------      -------                ------
                     --------                   ------     -------                     ------      -------                ------
</TABLE>

     Options to purchase 1,250 shares at $14.81, 12,500 shares at $14.875, 
7,250 shares at $14.25, and 1,250 shares at $14.31 were outstanding during 
the last quarter of 1997 but were not included in the computation of diluted 
EPS because the options' exercise price was greater than the average market 
price of the common shares. The options, which expire in 2002, were still 
outstanding at the end of year 1998.