EXHIBIT 11.1
CAI WIRELESS SYSTEMS, INC.
COMPUTATION OF LOSS PER COMMON SHARE
Quarter Ended September 30,
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1997 1996
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PRIMARY LOSS PER COMMON SHARE:
1 Net loss $(29,858,672) $(19,857,014)
2 Less preferred dividends (3,706,901) (3,194,747)
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3 Loss applicable to common shareholders $(33,565,573) $(23,051,761)
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4 Weighted average shares outstanding 40,540,539 40,384,787
5 Add additional shares issuable upon exercise of
outstanding stock options and warrants * - -
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6 Adjusted weighted average shares outstanding 40,540,539 40,384,787
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7 Net loss per common share (line 3 <divide> line 6) $(0.83) $(0.57)
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FULLY DILUTED LOSS PER COMMON SHARE:
8 Line 3 above $(33,565,573) $(23,051,761)
9 Add back preferred dividends 3,706,901 3,194,747
10 Add back interest, net of tax, assuming conversion of Term Notes 999,000 729,000
11 Add back interest, net of tax, assuming proceeds from
exercise of warrants and options in excess of the
20% treasury stock buyback applied against
short-term debt 1,366,000 3,673,000
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12 Adjusted net loss $(27,493,672) $(15,455,014)
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13 Weighted average shares outstanding (line 4) 40,540,539 40,384,787
14 Add additional shares issuable upon the assumed exercise
of outstanding stock options 2,195,937 1,274,134
15 Add additional shares issuable upon the assumed exercise
of BANX warrants (Term Notes and Senior Preferred Stock) 36,751,085 36,751,083
16 Add additional shares issuable upon the assumed exercise
of other warrants 2,852,453 2,235,541
17 Add Series A preferred stock (not converted until November 1996) - 115,500
18 Deduct treasury stock repurchased with proceeds from theassumed
exercise of all options and warrants (8,108,108) (8,076,957)
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19 Adjusted weighted average shares outstanding 74,231,906 72,684,088
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20 Net loss per common share (line 12 <divide> line 19) ** $(0.37) $(0.21)
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* For the calculation of loss per share, the inclusion of the
assumed exercise of options and warrants is not dilutive for the periods
presented and, therefore, such assumed exercise is excluded from the per share
calculations.
** The fully diluted loss per share is anti-dilutive and is,
therefore, not presented in the Consolidated Statements of Operations.