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EXHIBIT 11.1
CALCULATION OF NET INCOME (LOSS) PER SHARE
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
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1997 1996 1997 1996
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Net income (loss) $ (1,831) $ (277) $ (2,212) $ 106
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Weighted average shares of
common stock outstanding 10,778 5,883 10,797 3,379
Net effect of dilutive stock options and warrants
using the treasury stock method -- -- -- 505
Shares related to staff accounting bulletin topic 4D:
Stock options -- 161 -- 241
Preferred stock (1) -- 572 -- 859
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Shares used in calculating net income (loss) per share 10,778 6,616 10,797 4,984
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Net income (loss) per share $ (0.17) $ (0.04) $ (0.21) $ 0.02
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Calculation of shares outstanding for computing pro
forma net income (loss) per share:
Shares used in computing net income
(loss) per share 6,616 4,984
Adjusted to reflect the effect of the
assumed conversion of preferred
stock from the date of issuance (2) 2,792 4,264
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Shares used in computing pro forma net income
(loss) per share 9,408 9,248
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Pro forma net income (loss) per share $ (0.03) $ 0.01
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(1) Series D and E shares
(2) Series A, B and C shares