EXHIBIT 11.1
CALCULATION OF NET INCOME PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEARS ENDED DECEMBER 31,
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1996 1995 1994
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Net income (loss).......................................... $17,404 $ 2,099 $(80,989)
Dividends declared on Preferred Stock...................... (1,531) (1,484) -
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Amount available to common shareholders.................... $15,873 $ 615 $(80,989)
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Weighted average number of Common Shares Outstanding....... 31,428 29,259 23,330
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Net income (loss) per Common Share......................... $ 0.51 $ 0.02 $ (3.47)
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CALCULATION OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
(IN THOUSANDS)
YEARS ENDED DECEMBER 31,
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1996 1995 1994
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Shares outstanding from beginning of period................ 28,150 27,722 22,559
2,978 stock options and warrants exercised in 1996......... 1,363 - -
5,019 Common Shares issued in connection with the GARI
merger on November 15, 1994............................... - - 646
144 stock options exercised in 1994........................ - - 125
428 stock options exercised in 1995........................ - 213 -
4,089 Common Shares issued in connection with the November
1996 offering of common stock............................. 607 - -
Common Stock equivalents of:
Series F Preferred Stock.................................. * * -
Stock options and warrants................................ 1,308 1,324 -
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Weighted average Common Shares outstanding................. 31,428 29,259 23,330
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* Not included in computation for the period because it has the effect of
decreasing the loss per share or is antidilutive.