EXHIBIT 11.1
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(UNAUDITED)
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
For the three months ended | Income/(Loss) | Shares | Per-share | |||||||||
March 31, 2000 | (Numerator) | (Denominator) | Amount | |||||||||
(Restated) | (Restated) | |||||||||||
Loss available to common shareholders before cumulative effect of accounting change | $ | (820,992 | ) | 26,345,353 | $ | (0.03 | ) | |||||
Cumulative effect of accounting change | (226,000 | ) | — | (0.01 | ) | |||||||
Loss available to common shareholders | $ | (1,046,992 | ) | 26,345,353 | $ | (0.04 | ) | |||||
Effect of dilutive securities — employee and producer stock options (1) | — | — | — | |||||||||
Diluted loss per share | $ | (1,046,992 | ) | 26,345,353 | $ | (0.04 | ) | |||||
For the three months ended March 31, 1999 | ||||||||||||
Income available to common shareholders | $ | 2,793,748 | 26,395,692 | $ | 0.11 | |||||||
Effect of dilutive securities — employee and producer stock options | — | 1,017,398 | (0.01 | ) | ||||||||
Diluted earnings per share | $ | 2,793,748 | 27,413,090 | $ | 0.10 | |||||||
(1) | The diluted share base for the three months ended March 31, 2000 excludes incremental shares of 2,293,365 related to employee and non-employee stock options. These shares are excluded due to their antidilutive effect as a result of the Company's net losses incurred during 2000. |