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EXHIBIT 11.1 CALCULATION OF NET LOSS PER SHARE
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
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1996 1995 1996 1995
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Net loss $ (633) $ (1,990) $ (527) $ (5,587)
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Weighted average shares of
common stock outstanding 10,677 855 5,812 847
Net effect of dilutive stock options and warrants
using the treasury stock method -- -- -- --
Shares related to staff accounting bulletin topic 4D:
Stock options -- 322 107 322
Preferred stock (1) -- 1,145 382 1,145
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Shares used in calculating net loss per share 10,677 2,322 6,301 2,314
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Net loss per share $(0.06) $ (0.86) $ (0.08) $ (2.41)
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Calculation of shares outstanding for computing
pro forma net loss per share:
Shares used in computing net loss
per share 10,677 2,322 6,301 2,314
Adjusted to reflect the effect of the
assumed conversion of preferred
stock from the date of issuance (2) -- 5,736 3,033 5,736
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Shares used in computing pro forma net loss
per share 10,677 8,058 9,334 8,050
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Pro forma net loss per share $(0.06) $ (0.25) $ (0.06) $ (0.69)
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(1) Series D and E shares
(2) Series A, B and C shares
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