GalaGen Inc. (A Development Stage Company)
EXHIBIT 11.1--STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
---------------------------- ---------------------------
SEP. 30, 1996 SEP. 30, 1995 SEP. 30, 1996 SEP. 30, 1995
------------- ------------- ------------- -------------
PRIMARY LOSS PER SHARE:
Average shares outstanding 7,134,136 1,909,075 6,450,999 1,895,529
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 - 133,042
------------ ------------ ------------ ------------
Total 7,134,136 2,042,117 6,450,999 2,028,571
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net loss applicable to common
shareholders $ (1,955,731) $ (994,567) $(12,661,123) $ (4,077,018)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net loss per share applicable
to common shareholders $ (.27) $ (.49) $ (1.96) $ (2.01)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
FULLY DILUTED LOSS PER SHARE:
Average shares outstanding 7,134,136 1,909,075 6,450,999 1,895,529
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 - 133,042
Assumed conversion of all series of
convertible preferred stock - 2,830,451 - 2,674,395
------------ ------------ ------------ ------------
Total 7,134,136 4,872,568 6,450,999 4,702,966
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net loss applicable to common
shareholders $ (1,955,731) $ (994,567) $(12,661,123) $ (4,077,018)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net loss per share applicable to
common shareholders $ (.27) $ (.20) $ (1.96) $ (.87)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
18