EXHIBIT 11


STATEMENT RE COMPUTATION OF PER SHARE EARNINGS




                                                     Three Months      Three Months       Nine Months        Six Months
                                                         Ended            Ended             Ended               Ended
                                                     September 30,     September 30,     September 30,     September 30,
                                                        1999              1998               1999                1998
                                                   ---------------   ----------------  ----------------    ----------------
                                                                                               
Diluted net loss per share:
   Net loss to common shareholders                  $   (9,372,000)    $  (48,880,000)  $  (27,781,000)    $  (45,838,000)

   Average number of shares outstanding                 11,500,000         11,500,000       11,500,000         11,381,356
   Net effect of dilutive stock options-based on
     treasury stock method                                     N/A                N/A              N/A                N/A
                                                   ---------------   ----------------  ----------------    ----------------
   Total average shares                                 11,500,000         11,500,000       11,500,000         11,381,356
                                                   ---------------   ----------------  ----------------    ----------------
                                                   ---------------   ----------------  ----------------    ----------------

   Diluted net loss per share                      $         (0.82)  $          (4.25) $         (2.42)    $        (4.03)