**FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2003**

**EXHIBIT11.01**

**COMPUTATION OF BASIC AND DILUTED EARNINGS PER COMMON SHARE****(IN THOUSANDS, EXCEPT PER SHAREDATA)****(UNAUDITED)**

 

|                                               |   | **Three** **Months** **Ended****June** **30,** |                     | **Six** **Months** **Ended****June** **30,** |                           |
|----------------------------------------------------|--------|---------------------------------------------------------------|--------------------------|-------------------------------------------------------------|--------------------------------|
|                                               |   |                                                               |                     |                                                             |                           |
|                                               |   | **2003**                                                      |      | **2002**                                                    |       | **2003** |      | **2002** |   |
|                                               |   |                                                               |                     |                                                             |                           |  |   |  |   |
| Earnings:                                          |   |                                                          |                     |                                                        |                           |   |   |   |   |   |   |   |   |
| Net loss available to common stock                 |   | $                                                             | (9,835                   | )                                            | $                              | (581 | )    | $ | (16,963 | )    | $ | (82 | ) |
|                                               |   |                                                               |                     |                                                             |                           |  |   |  |   |
| Shares:                                            |   |                                                          |                     |                                                        |                           |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding         |   |                                                          | 27,911                   |                                                        |                           | 27,857 |   |   | 27,911 |   |   | 27,857 |   |
| Dilutive effect of stock options                   |   |                                                          | —                   |                                                        |                           | — |   |   | — |   |   | — |   |
|                                               |   |                                                               |                     |                                                             |                           |  |   |  |   |
| Average diluted shares outstanding and equivalents |   |                                                          | 27,911                   |                                                        |                           | 27,857 |   |   | 27,911 |   |   | 27,857 |   |
| Basic earnings per common share:                   |   |                                                          |                     |                                                        |                           |   |   |   |   |   |   |   |   |
| Net loss                                           |   | $                                                             | (0.35                    | )                                                           | $                              | (0.02 | ) | $ | (0.61 | ) | $ | (0.00 | ) |
|                                               |   |                                                               |                     |                                                             |                           |  |   |  |   |
| Diluted earnings per common share:                 |   |                                                          |                     |                                                        |                           |   |   |   |   |   |   |   |   |
| Net loss                                           |   | $                                                             | (0.35                    | )                                            | $                              | (0.02 | )    | $ | (0.61 | )    | $ | (0.00 | ) |
|                                               |   |                                                               |                     |                                                             |                           |  |   |  |   |