ARONEX PHARMACEUTICALS, INC.
EXHIBIT 11.1
------------
Statement Regarding Computation of Per Share Earnings
The following reflects the information used in calculating the number of shares
in the computation of net loss per share for each of the periods set forth in
the Statements of Operations.
Average Loss
Days Shares Per
Shares Outstanding Shares X Days Outstanding Loss Share
YEAR ENDED DECEMBER 31, 1996:
10,380,056 1 10,380,056
10,390,003 10 103,900,030
10,409,608 4 41,638,432
10,418,676 2 20,837,352
10,478,786 1 10,478,786
10,046,458 3 30,139,374
10,598,792 1 10,598,792
10,678,561 2 21,357,122
10,680,653 1 10,680,653
10,680,903 3 32,042,709
10,710,132 4 42,840,528
10,718,504 6 64,311,024
10,727,170 4 42,908,680
10,728,565 1 10,728,565
10,729,263 1 10,729,263
10,729,394 7 75,105,758
10,731,487 19 203,898,253
10,742,559 7 75,197,913
10,771,115 2 21,542,230
10,775,477 2 21,550,954
10,776,991 4 43,107,964
10,784,842 1 10,784,842
10,812,921 1 10,812,921
10,832,546 2 21,665,092
10,847,725 3 32,543,175
10,848,023 5 54,240,115
10,849,767 7 75,948,369
10,851,626 3 32,554,878
10,858,605 1 10,858,605
10,862,095 2 21,724,190
10,962,004 1 10,962,004
10,962,593 4 43,850,372
10,965,241 2 21,930,482
10,965,939 1 10,965,939
10,967,993 6 65,807,958
10,927,354 5 54,636,770
10,997,354 2 21,994,708
10,978,310 7 76,848,170
10,983,980 4 43,935,920
10,989,215 1 10,989,215
13,992,587 1 13,992,587
13,996,077 1 13,996,077
13,996,949 6 83,981,694
14,446,949 1 14,446,949
14,453,492 5 72,267,460
14,456,109 5 72,280,545
14,465,806 1 14,465,806
14,472,786 2 28,945,572
14,473,658 1 14,473,658
14,478,658 3 43,435,974
14,481,500 1 14,481,500
14,483,680 3 43,451,040
14,484,059 1 14,484,059
14,485,899 2 28,971,798
14,488,079 3 43,464,237
14,526,802 3 43,580,406
14,526,802 23 334,116,446
14,531,016 1 14,531,016
14,543,516 20 290,870,320
14,543,736 1 14,543,736
14,544,318 18 261,797,724
14,545,238 2 29,090,476
14,545,321 7 101,817,247
14,555,018 14 203,770,252
14,556,217 5 72,781,085
14,557,089 8 116,456,712
14,563,193 17 247,574,281
14,568,375 3 43,705,125
14,569,375 7 101,985,625
14,570,954 3 43,712,862
14,579,548 4 58,318,192
14,582,198 1 14,582,198
14,583,853 3 43,751,559
14,584,853 3 43,754,559
14,586,353 14 204,208,942
14,595,950 10 145,959,500
14,596,513 11 160,561,643
14,597,247 8 116,777,976
365 4,762,415,001 /365 13,047,712 (8,030,000) (0.62)
Page 1 of 2
ARONEX PHARMACEUTICALS, INC.
EXHIBIT 11.1
------------
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
The following reflects the information used in calculating the number of shares
in the computation of net loss per share for each of the periods set forth in
the Statements of Operations.
Average Loss
Days Shares Per
Shares Outstanding Shares X Days Outstanding Loss Share
YEAR ENDED DECEMBER 31, 1995:
5,202,476 2 10,404,952
5,214,976 2 10,429,952
5,221,604 82 428,171,528
5,232,463 57 298,250,391
5,233,599 41 214,577,559
5,233,978 18 94,211,604
5,235,493 51 267,010,143
9,128,929 20 182,578,580
9,136,184 34 310,630,256
9,200,154 3 27,600,462
9,201,669 2 18,403,338
9,202,805 12 110,433,660
9,216,760 1 9,216,760
9,217,843 6 55,307,058
9,260,401 3 27,781,203
9,274,343 5 46,371,715
9,316,912 2 18,633,824
9,857,533 5 49,287,665
9,887,531 5 49,437,655
9,899,311 2 19,798,622
9,900,249 2 19,800,498
9,902,749 4 39,610,996
9,969,021 2 19,938,042
9,981,786 3 29,945,358
10,380,056 1 10,380,056
365 2,368,211,877 /365 6,488,252 (17,429,000) (2.69)
YEAR ENDED DECEMBER 31, 1994:
5,121,202 12 61,454,424
5,124,331 33 169,102,923
5,130,013 91 466,831,183
5,131,149 39 200,114,811
5,136,199 17 87,315,383
5,136,313 60 308,178,780
5,202,476 113 587,879,788
365 1,880,877,292 /365 5,153,088 (9,052,000) (1.76)
Page 2 of 2