Exhibit 11.1 Statement regarding computation of earnings per share.
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, 1999 and 1998.
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
=====================
Weighted-average shares for the three months ended March 31, 1998 is calculated
as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
----------- ----------- --------- --------------
January 1 - January 29 20,574,626 29/90 6,629,602
Issuance of common stock on January 30 365,957
---------------------
January 30 - March 31 20,940,583 61/90 14,193,062
--------------------- ---------------------
Weighted average shares 20,822,664
=====================
Three Months ended March 31,
1999 1998
---- ----
Weighted-average shares: 24,432,823 20,822,664
Plus: Incremental shares from
assumed
Conversions of warrants and options 775,549 1,238,597
------------------ -----------------
Adjusted weighted average shares 25,208,372 22,061,261
================== =================
Three Months ended March 31,
1999 1998
---- ----
Stock Options:
Outstanding beginning of 3,413,058 2,754,158
period
Granted during period 27,500 119,000
Exercised/redeemed (641,833) -----
Forfeited or expired (5,500) (20,000)
================== =================
Outstanding at end of period 2,793,225 2,853,158
================== =================
The equation for computing (basic and diluted) EPS is:
Income available to common stockholders
---------------------------------------------------
Weighted-average shares