EXHIBIT 11.01 COMPUTATION OF PER SHARE EARNINGS.
Three Months Ended Nine Months Ended
September 30 September 30
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1999 1998 1999 1998
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(Unaudited) (Unaudited) (Unaudited) (Unaudited)
I. CANADIAN GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES
(a) BASIC EARNINGS PER SHARE
Net earnings (loss) $ (1,788) $ (969) $ (9,324) $ 1,711
Weighted average shares outstanding 90,715,040 89,152,540 90,715,040 89,152,540
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Basic earnings per share $ (0.02) $ (0.01) $ (0.10) $ 0.02
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(a) FULLY DILUTED EARNINGS PER SHARE
Net earnings (loss) $ (1,788) $ (969) $ (9,324) $ 1,711
Interest income from cash from
stock options 2 - 6 -
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Adjusted net earnings (loss) $ (1,786) $ (969) $ (9,318) $ 1,711
Weighted average shares outstanding 90,715,040 89,152,540 90,715,040 89,152,540
Stock options deemed exercised 1,983,333 125,000 1,983,333 125,000
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Adjusted weighted average shares
outstanding 92,698,373 89,277,540 92,698,373 89,277,540
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Fully diluted earnings per share $ (0.02) $ (0.01) $ (0.10) $ 0.02
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II. UNITED STATES GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES
(a) BASIC EARNINGS PER SHARE
Net earnings (loss) per U.S. GAAP $ (1,653) $ (219) $ (8,669) $ 4,386
Weighted average shares outstanding 90,715,040 89,152,540 90,715,040 89,152,540
Common stock equivalents - stock options 1,983,333 125,000 1,983,333 125,000
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Adjusted weighted average shares
outstanding 92,698,373 89,277,540 92,698,373 89,277,540
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Basic earnings per share $ (0.02) $ (0.00) $ (0.09) $ 0.05
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(b) FULLY DILUTED EARNINGS PER SHARE
Net earnings (loss) per U.S. GAAP $ (1,653) $ (219) $ (8,669) $ 4,386
Weighted average shares outstanding 90,715,040 89,152,540 90,715,040 89,152,540
Stock options deemed exercised 1,983,333 125,000 1,983,333 125,000
Shares deemed repurchased (1,864,333) (89,286) (1,864,333) (85,551)
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Adjusted weighted average shares
outstanding 90,834,040 89,188,254 90,834,040 89,191,989
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Fully diluted earnings per share $ (0.02) $ (0.00) $ (0.10) $ 0.05
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