Exhibit 11 COMPUTATION OF LOSS PER SHARE
Quarter ended Nine months ended
March 31, March 31,
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1996 1995 1996 1995
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Net Loss $(14,417,648) $(2,035,598) $(17,090,628) $(4,602,585)
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Weighted average shares used
to compute net loss per share
Weighted average number of
shares outstanding:
Mandatorily redeemable
convertible preferred stock -- 5,324,685 -- 5,324,685
Common stock 10,264,400 739,537 9,862,216 734,301
Number of common equivalents
as a result of convertible
warrants outstanding using
the treasury stock method -- 9,989 -- 9,989
Number of common shares
issued and stock options
granted in accordance with
Staff Accounting Bulletin 83 -- 226,311 -- 226,311
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Total 10,264,400 6,303,522 9,862,216 6,295,286
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Net loss per share $ (1.40) (0.32) (1.73) (0.73)
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The calculations for March 31, 1995 include the shares of mandatorily
redeemable convertible preferred stock and a convertible warrant as if they
had converted to common stock on their respective original dates of issuance,
because such shares automatically converted to common stock upon the closing
of the initial public offering of the Company's common stock.
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