EXHIBIT 11.1
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(UNAUDITED)
Income/(Loss) | Shares | Per-share | ||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||
For the three months ended June 30, 2000 | ||||||||||||
Loss available to common shareholders | $ | (1,031,424 | ) | 26,296,798 | $ | (0.04 | ) | |||||
Effect of dilutive securities — employee and producer stock options (1) | — | — | ||||||||||
Diluted loss per share | $ | (1,031,424 | ) | 26,296,798 | $ | (0.04 | ) | |||||
For the three months ended June 30, 1999 | ||||||||||||
Income available to common shareholders | $ | 1,905,962 | 26,437,347 | $ | 0.07 | |||||||
Effect of dilutive securities — employee and producer stock options | — | 877,382 | ||||||||||
Diluted earnings per share | $ | 1,905,962 | 27,314,729 | $ | 0.07 | |||||||
For the six months ended June 30, 2000 | ||||||||||||
Loss before cumulative effect of accounting change | $ | (1,852,416 | ) | 26,321,076 | $ | (0.07 | ) | |||||
Cumulative effect of accounting change | (226,000 | ) | — | (0.01 | ) | |||||||
Loss available to common shareholders | (2,078,416 | ) | 26,321,076 | $ | (0.08 | ) | ||||||
Effect of dilutive securities — employee and producer stock options (1) | — | — | ||||||||||
Diluted loss per share | $ | (2,078,416 | ) | 26,321,076 | $ | (0.08 | ) | |||||
For the six months ended June 30, 1999 | ||||||||||||
Income available to common shareholders | $ | 4,699,710 | 26,418,217 | $ | 0.18 | |||||||
Effect of dilutive securities — employee and producer stock options | — | 862,217 | (0.01 | ) | ||||||||
Diluted earnings per share | $ | 4,699,710 | 27,280,434 | $ | 0.17 | |||||||
(1) The diluted share base for the three months and six months ended June 30, 2000 excludes incremental shares of
2,284,245 and 2,300,500, respectively, 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.