EXHIBIT 11.1
COMPUTATION OF LOSS PER SHARE (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
-----------------------------
1996 1995 1994
--------- --------- -------
Net loss attributable to common stockholders.... $ (10,220) $ (10,411) $(5,587)
========= ========= =======
Weighted average shares used to compute net loss
per share
Weighted average number of shares outstanding:
Convertible Preferred Stock..................... 3,682 5,706 4,461
Common Stock.................................... 4,857 569 551
Number of common equivalents as a result of
warrants granted using the treasury stock
method in accordance with Staff Accounting
Bulletin 83.................................... 46 185 185
Number of common equivalents as a result of
stock options granted using the treasury stock
method in accordance with Staff Accounting
Bulletin 83.................................... 118 474 474
--------- --------- -------
Total........................................... 8,703 6,934 5,671
========= ========= =======
Net loss per share attributable to common
stockholders................................... $ (1.17) $ (1.50) $ (0.99)
--------- --------- -------
The calculations for all periods shown include the shares and warrants of
convertible preferred stock as if they had converted to common stock on their
respective original dates of issuance, because such shares automatically
converted to common stock upon the closing of the initial public offering of
the Company's common stock.