EXHIBIT 11.1 CAI WIRELESS SYSTEMS, INC. AND SUBSIDIARIES Computation of Loss per Common Share For the Six-Month Period Ended September 30, 1996 Net loss $ (36,477,449) Preferred stock dividend (6,270,364) Loss applicable to common stock shareholders $ (42,747,813) Weighted average number of shares outstanding 39,638,851 Loss per common share $ (1.08) COMPUTATION OF WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING Weighted Average SHARES SHARES FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996 Beginning Balance 37,829,482 37,829,482 Series A Preferred Stock - converted 2,481,990 1,760,092 Warrants exercised 73,315 49,227 Series A Preferred Stock - not converted 115,500 0 Warrants - BANX 36,751,083 0 Warrants - Other 2,235,541 0 Options 1,274,134 0 39,638,851 (a) Outstanding convertible preferred stock, warrants and options are not considered for the purposes of calculating the weighted average shares outstanding since these securities are anti-dilutive. (b) The Series A Redeemable Convertible Preferred Stock of 5,775 shares which have not been converted are assumed converted at a conversion price of $5 per share.