GalaGen Inc. (A Development Stage Company)
Exhibit 11.1---Statement Re: Computation of Earnings Per Share (unaudited)
FOR THE THREE MONTHS ENDED
March 31, 1996 March 31, 1995
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Primary Loss Per Share
Average shares outstanding 1,955,569 1,888,482
SAB No. 83 shares - for stock
options granted at exercise
prices less than the initial
public offering price during
the 12 months preceding the
initial public offering using
the treasury method - 133,042
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Total 1,955,569 2,021,524
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Net loss $(1,471,233) $(1,554,959)
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Net loss per share $(.75) $(.77)
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Fully Diluted Loss Per Share:
Average shares outstanding 1,955,569 1,888,482
SAB No. 83 shares - for stock
options granted at exercise
prices less than the initial
public offering price during the
12 months preceding the initial
public offering using the
treasury method - 133,042
Assumed conversion of all series
of convertible preferred stock 3,126,159 2,509,799
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Total 5,081,728 4,531,323
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Net loss $(1,471,233) $(1,554,959)
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Net loss per share $(.29) $(.34)
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