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Basic earnings per common
share is based on the weighted average number of shares of common
stock outstanding during the periods. Diluted earnings per common
share is based on the weighted average number of common shares and
all dilutive potential common shares outstanding during the period.
The Company had outstanding 79,500, 172,333 and 117,000 stock options
at December 31, 2001, 2002 and 2003, respectively, that were antidilutive.
The Company had outstanding 252,632 warrants at December 31, 2002
that were antidilutive. These antidilutive stock options and warrants
were not included in the calculation because the exercise price of
these instruments exceeded the underlying market value of the options
and warrants as of the dates presented. The Company had 1,145,515
and 1,262,930 convertible preferred shares at December 31, 2002 and
2003, respectively, that were antidilutive and were not included in
the calculation. |
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