1
EXHIBIT 11.1
FOR THE TWELVE MONTHS ENDED DECEMBER 31
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1994 1995 1996
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Earnings per Common and Common Equivalent Share:
Initial Public Offering Price....................... $ 16.00 $ 16.00 $ 16.00
Weighted Average Common Shares Outstanding During
Period:........................................... 1,173,000 1,189,000 1,223,000
Shares of Common stock issued within the last twelve
months preceding the initial filing date.......... 1,272,000 1,272,000 1,272,000
Weighted Average Common stock issued subsequent to
the initial filing date........................... -- -- 1,779,000
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2,445,000 2,461,000 4,274,000
Common Stock Equivalents:
Common Stock options and warrants granted within the
last twelve months preceding the initial filing
date.............................................. 1,375,000 1,375,000 1,126,000
Preferred Stock convertible into Common Stock and
sold within the last twelve months preceding the
initial filing date............................... 4,019,000 4,019,000 2,831,000
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5,394,000 5,394,000 3,957,000
Weighted average Common and Common Equivalent
Shares............................................ 7,839,000 7,855,000 8,231,000
Net loss for period................................. (1,115,000) (3,352,000) (3,483,000)
Loss per Share...................................... (0.14) (0.43) (0.42)