EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
The following schedules reflect 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.
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED SEPTEMBER 30, 1998
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
1,856,445 x 29 = 53,836,893
1,858,119 x 6 = 11,148,717
1,858,834 x 57 = 105,953,522
------- -----------
92 = 170,939,131
======= ===========
170,939,131 / 92 = 1,858,034
=========
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $(2,504,731) = $(1.35)
- -------------------------------- ------------- ======
Weighted Avg. Shares 1,858,034
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED SEPTEMBER 30, 1999
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
6,569,557 x 92 = 604,399,244
------- -----------
92 604,399,244
======= ===========
604,399,244 /92 = 6,569,557
=========
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $(1,650,295) = $(0.25)
- -------------------------------- ------------- ======
Weighted Avg. Shares 6,569,557
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
NINE MONTHS ENDED SEPTEMBER 30, 1998
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
1,750,205 x 119 = 208,274,378
1,754,513 x 1 = 1,754,513
1,852,873 x 40 = 74,114,926
1,856,445 x 50 = 92,822,229
1,858,119 x 6 = 11,148,717
1,858,834 x 57 = 105,953,522
------- -------------
273 494,068,284
======= =============
494,068,284 /273 = 1,809,774
=========
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $(9,136,511) = $(5.05)
- --------------------------------- ----------- ======
Weighted Avg. Shares 1,809,774
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
NINE MONTHS ENDED SEPTEMBER 30, 1999
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
2,179,124 x 19 = 41,403,356
2,179,713 x 30 = 65,391,390
2,180,358 x 74 = 161,346,492
2,182,328 x 3 = 6,546,984
2,315,330 x 13 = 30,099,290
2,328,334 x 7 = 16,298,338
2,354,737 x 15 = 35,321,055
6,150,068 x 11 = 67,650,748
6,569,557 x 101 = 663,525,257
------- -------------
273 1,087,582,910
======= =============
1,087,582,910 /273 = 3,983,820
=========
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $(5,922,616) = $(1.49)
- --------------------------------- ----------- ======
Weighted Avg. Shares 3,983,820