EXHIBIT 11.1
PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
COMPUTATIONS OF EARNINGS PER SHARE
THREE MONTHS ENDED
MARCH 31,
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1997 1996
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Weighted average common shares
outstanding:
Average shares outstanding during period 17,778,731 8,469,822
Cheap stock (1) - 1,920,550
Cheap options (1) - 1,657,371
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Total primary weighted average
common shares 17,778,731 12,047,743
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Non Cheap Options 86,216
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Total fully diluted weighted
average common shares 17,778,731 12,133,959
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Net loss applicable to common shares
Net loss ($4,907,000) ($1,121,000)
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Loss per common share and
common share equivalent - Primary ($0.28) ($0.09)
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Loss per common share and
common share equivalent -
Fully Diluted ($0.28) ($0.09)
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(1) Pursuant to Staff Accounting Bulletin Number 83, for proper calculation of
the quarter ended March 31, 1996 weighted average common shares outstanding,
stock options granted and stock issued within one year prior to PRIMUS's
initial public offering have been treated as outstanding for all of 1996
using the treasury stock method. In the first quarter of 1997, the weighted
average common shares outstanding has been calculated under Accounting
Principles Board (APB) Statement No. 15, which excludes 1,699,000 shares of
anti-dilutive common stock equivalents which had been included in the 1996
calculation.
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