EXHIBIT 11.2 CAI WIRELESS SYSTEMS, INC. COMPUTATION OF LOSS PER COMMON SHARE NINE MONTHS ENDED DECEMBER 30, ------------------------------------ 1997 1996 ---- ---- BASIC LOSS PER COMMON SHARE: 1 Net loss $(98,536,569) $(57,493,239) 2 Less preferred dividends (11,125,453) (9,576,367) ------------ ------------ 3 Loss applicable to common shareholders $(109,662,022) $(67,069,606) ============= ============= 4 Weighted average shares outstanding 40,540,539 39,915,020 5 Add additional shares issuable upon exercise of outstanding stock options and warrants * - - ------------ ------------ 6 Adjusted weighted average shares outstanding 40,540,539 39,915,020 ============ ============ 7 Net loss per common share (line 3 <divide> line 6) $(2.70) $(1.68) ======= ======= FULLY DILUTED LOSS PER COMMON SHARE: 8 Line 3 above $(109,662,022) $(67,069,606) 9 Add back preferred dividends 11,125,453 9,576,367 10 Add back interest, net of tax, assuming conversion of Term Notes 2,997,000 1,917,000 11 Add back interest, net of tax, assuming proceeds from exercise of warrants and options in excess of the 20% treasury stock buyback applied against short-term debt 3,894,000 10,994,000 ------------- ------------- 12 Adjusted net loss $(91,645,569) $(44,582,239) ============= ============= 13 Weighted average shares outstanding (line 4) 40,540,539 39,915,020 14 Add additional shares issuable upon the assumed exercise of outstanding stock optons 2,195,937 2,152,604 15 Add additional shares issuable upon the assumed exercise of BANX warrants (Term Notes and Senior Preferred Stock) 36,751,085 36,751,083 16 Add additional shares issuable upon the assumed exercise of other warrants 5,083,563 2,235,541 17 Add Series A preferred stock (not converted until November 1996) - - 18 Deduct treasury stock repurchased with proceeds from the assumed exercise of all options and warrants (8,108,108) (8,108,108) ------------ ------------ 19 Adjusted weighted average shares outstanding 76,463,016 72,946,140 ============ ============ 20 Net loss per common share (line 12 <divide> line 19) ** $(1.20) $(0.62) ======= ======= * For the calculation of loss per share, the inclusion of the assumed exercise of options and warrants is not dilutive for the periods presented and, therefore, such assumed exercise is excluded from the per share calculations. ** The fully diluted loss per share is anti-dilutive and is, therefore, not presented in the Consolidated Statements of Operations.