EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
The following schedules reflect the information used in calculating the number of shares in the computation of net loss per share for each of the periods set forth in the Statements of Operations.
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED SEPTEMBER 30, 2001
Weighted Average Shares Outstanding:
TOTAL |
|
| # DAYS |
|
|
|
|
|
|
|
|
|
|
| ||
9,278,711 |
| x | 38 |
| = |
| 352,591,018 |
|
|
|
|
|
|
| ||
9,280,821 |
| x | 37 |
| = |
| 343,390,377 |
|
|
|
|
|
|
| ||
10,170,739 |
| x | 17 |
| = |
| 172,902,563 |
|
|
|
|
|
|
| ||
|
|
| 92 |
| = |
| 868,883,958 |
|
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|
| ||
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| 868,883,958 |
| / 92 |
| = |
| 9,444,391 |
| ||
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|
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|
|
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|
|
|
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Loss Per Share: |
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|
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Net Loss plus dividend accrual plus accretion of offering costs |
|
|
|
|
|
| $ | (2,933,653 | ) |
|
| = |
| $ | (0.31 | ) |
Weighted Avg. Shares |
|
|
|
|
|
| 9,444,391 |
|
|
|
|
|
|
| ||
2
Weighted Average Shares Outstanding:
TOTAL |
|
| # DAYS |
|
|
|
|
|
|
|
|
|
| |||||
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|
|
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15,310,771 |
| x |
| 92 |
|
| = |
| 1,408,590,932 |
|
|
|
|
|
|
| ||
|
|
|
| 92 |
|
|
|
| 1,408,590,932 |
|
|
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|
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| ||
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| 1,408,590,932 |
| / 92 |
| = |
| 15,310,771 |
| ||
|
|
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|
|
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Loss Per Share: |
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|
|
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Net Loss plus dividend accrual plus accretion of offering costs |
|
|
|
|
|
|
|
| $ | (251,304 | ) |
|
|
|
| $ | (0.02 | ) |
Weighted Avg. Shares |
|
|
|
|
|
|
|
| 15,310,771 |
|
|
|
|
|
|
| ||
3
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
NINE MONTHS ENDED SEPTEMBER 30, 2001
Weighted Average Shares Outstanding:
TOTAL |
|
| # DAYS |
|
|
|
|
|
|
|
|
|
|
| ||
9,067,700 |
| x | 5 |
| = |
| 45,338,500 |
|
|
|
|
|
|
| ||
9,077,338 |
| x | 2 |
| = |
| 18,154,676 |
|
|
|
|
|
|
| ||
9,078,463 |
| x | 10 |
| = |
| 90,784,630 |
|
|
|
|
|
|
| ||
9,078,888 |
| x | 22 |
|
|
| 199,735,536 |
|
|
|
|
|
|
| ||
9,079,313 |
| x | 53 |
| = |
| 481,203,589 |
|
|
|
|
|
|
| ||
9,267,993 |
| x | 45 |
| = |
| 417,059,685 |
|
|
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|
|
|
| ||
9,278,711 |
| x | 82 |
| = |
| 760,854,302 |
|
|
|
|
|
|
| ||
9,280,821 |
| x | 37 |
| = |
| 343,390,377 |
|
|
|
|
|
|
|
| |
10,170,739 |
| x | 17 |
| = |
| 172,902,563 |
|
|
|
|
|
|
| ||
|
|
| 273 |
|
|
| 2,529,423,858 |
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| 2,529,423,858 |
| / 273 |
| = |
| 9,265,289 |
| ||
|
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|
|
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|
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|
|
| ||
Loss Per Share: |
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|
|
|
|
|
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|
|
| ||
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Net Loss plus dividend accrual plus accretion of offering costs |
|
|
|
|
|
| $ | (7,149,066 | ) | = |
|
|
| $ | (0.77 | ) |
Weighted Avg. Shares |
|
|
|
|
|
| 9,265,289 |
|
|
|
|
|
|
| ||
4
Weighted Average Shares Outstanding:
TOTAL |
|
| # DAYS |
|
|
|
|
|
|
|
|
|
|
| ||
10,843,320 | x |
| 55 |
| = |
| 596,382,600 |
|
|
|
|
|
|
| ||
10,861,696 | x |
| 1 |
| = |
| 10,861,696 |
|
|
|
|
|
|
| ||
15,310,771 | x |
| 217 |
| = |
| 3,322,437,307 |
|
|
|
|
|
|
| ||
|
|
| 273 |
|
|
| 3,929,681,603 |
|
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| 3,929,681,603 |
| / 273 |
| = |
| 14,394,438 |
| ||
|
|
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|
|
|
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|
|
|
|
|
|
|
| ||
Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
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|
| ||
Net Loss plus dividend accrual plus accretion of offering costs |
|
|
|
|
|
| $ | (4,260,220 | ) |
|
| = |
| $ | (0.30 | ) |
Weighted Avg. Share |
|
|
|
|
|
| 14,394,438 |
|
|
|
|
|
|
| ||
5
