Exhibit 11.1 Statement regarding computation of earnings per share.
We have stock options and warrants outstanding which were not included in the
computation of fully diluted shares because to do so would be anti-dilutive.
The following tables represents the reconciliation of weighted average shares
for purposes of calculating basic and diluted earnings per share for the three
months ended March 31, 2000 and 1999.
Weighted-average shares for the three months ended March 31, 2000 is calculated
as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
January 1 - January 3 31,823,751 3/91 1,049,135
Issuance of common stock on January 4 24,493
---------------------
January 4 - March 31 31,848,244 88/91 30,798,302
--------------------- ---------------------
Weighted average shares 31,847,437
=====================
Weighted-average shares for the three months ended March 31, 1999 is calculated
as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
January 1 - January 3 23,610,190 3/90 787,006
Retirement of common stock on January 4 (384,637)
---------------------
January 4 - January 18 23,225,553 15/90 3,870,926
Issuance of common stock on January 19 890,000
---------------------
January 19 - February 22 24,115,553 35/90 9,378,271
Issuance of common stock on February 23 50,130
---------------------
February 23 - March 2 24,165,683 8/90 2,148,061
Issuance of common stock on March 3 1,069,518
---------------------
March 3 - March 18 25,235,201 16/90 4,486,258
Issuance of common stock on March 19 811,500
---------------------
March 19 - March 31 26,046,701 13/90 3,762,301
--------------------- ---------------------
Weighted average shares 24,432,823
=====================
Three Months ended March 31,
2000 1999
---- ----
Weighted-average shares: 31,847,437 24,432,823
Plus: Incremental shares from
assumed
Conversions of warrants and options 775,549
------------------ ------------------
Adjusted weighted average shares 31,847,437 25,208,372
================== ==================
Three Months ended March 31,
2000 1999
---- ----
Stock Options:
Outstanding beginning of 3,468,475 3,413,058
period
Granted during period ---- 27,500
Exercised/redeemed ---- (641,833)
Forfeited or expired (98,500) (5,500)
------------------ ------------------
Outstanding at end of period 3,369,975 2,793,225
================== ==================
The equation for computing (basic and diluted) EPS is:
Income available to common stockholders
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Weighted-average shares