Exhibit 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Year ended Year ended March 31, March 31, 1996 1995 PRIMARY Average shares outstanding 7,734,082 7,325,970 Net effect of dilutive stock options and warrants--based on the treasury stock method using average market price N/A N/A TOTAL 7,734,082 7,325,970 Net income (loss) $ (92,474) $ (468,681) Per share amount $ (.01) $ (.06) FULLY DILUTED Average shares outstanding 7,734,082 7,325,970 Net effect of dilutive stock options and warrants--based on the treasury stock method using the year-end market price, if higher than the average market price N/A N/A TOTAL 7,734,082 7,325,970 Net income (loss) $ (92,474) $ (468,681) Per share amount $ (.01) $ (.06)
Shares issuable upon exercise of stock options and warrants were not considered in the computations in 1996 and 1995 since the