1
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,
---------------------- ----------------------
1997 1996 1997 1996
-------- -------- -------- --------
Net loss $ (1,381) $ (633) $ (3,593) $ (527)
======== ======== ======== ========
Weighted average shares of common stock outstanding 10,843 10,677 10,800 5,812
Net effect of dilutive stock options and warrants
using the treasury stock method -- -- -- --
Shares related to staff accounting bulletin topic 4D:
Stock options -- -- -- 107
Preferred stock (1) -- -- -- 382
-------- -------- -------- --------
Shares used in calculating net loss per share 10,843 10,677 10,800 6,301
======== ======== ======== ========
Net loss per share $ (0.17) $ (0.06) $ (0.33) $ (0.08)
======== ======== ======== ========
Calculation of shares outstanding for computing pro
forma net loss per share:
Shares used in computing net loss per share 10,677 6,301
Adjusted to reflect the effect of the
assumed conversion of preferred stock
from the date of issuance (2) -- 3,033
-------- --------
Shares used in computing pro forma net loss per share 10,677 9,334
======== ========
Pro forma net loss per share $ (0.06) $ (0.06)
======== ========
- ------------
(1) Series D and E shares (2) Series A, B and C shares
(2) Series A, B, and C, shares
-14-