Exhibit 11.1 Statement regarding computation of earnings per share.
The Company computes earnings per share in accordance with FAS No, 128, Earnings
Per Share. For the three and nine month periods ended September 30, 1999, the
Company paid dividends on its outstanding convertible preferred convertible
stock.
The following tables represents the reconciliation of weighted average shares
for purposes of calculating basic and diluted earnings per share for the three
and nine month periods ended December 30, 1999 and 1998.
Weighted-average shares for the three months ended September 30, 1998 is
calculated as follows:
Dates Shares Fraction Weighted
----- ------ -------- --------
Outstanding Outstanding of Period Average Shares
----------- ----------- --------- --------------
July 1-July 5 22,870,603 05/92 1,242,968
Exercise of options on July 6 15,500
----------
July 6-July 12 22,886,103 07/92 1,741,334
Issuance of common stock on July 13 191,491
----------
July 13-July 22 23,077,594 10/92 2,508,434
Exercise of options on July 23 9,900
----------
July 23-August 4 23,087,494 13/92 3,262,363
Issuance of common stock on August 5 178,519
----------
August 5-August 10 23,266,013 06/92 1,517,349
Issuance of common stock on August 11 349,091
----------
August 11-September 30 23,615,104 51/92 13,090,982
---------- ----------
Weighted average shares 23,363,430
==========
21
Weighted-average shares for the nine months ended September 30, 1998 is
calculated as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
----------- ----------- --------- --------------
January 1 - January 29 20,574,626 29/273 2,185,583
Issuance of common stock on January 30 365,957
----------
January 30 - April 2 20,940,583 63/273 4,832,442
Retirement of common stock on April 3 (20,833)
----------
April 3 - May 4 20,919,750 32/273 2,452,132
Issuance of common stock on May 5 1,072,165
----------
May 5 - June 16 21,991,915 43/273 3,463,928
Issuance of common stock on June 17 878,688
----------
June 17 - July 5 22,870,603 19/273 1,591,727
Exercise of options on July 6 15,500
----------
July 6 - July 12 22,886,103 07/273 586,823
Issuance of common stock on July 13 191,491
----------
July 13 - July 22 23,077,594 10/273 845,333
Exercise of options on July 23 9,900
----------
July 23 - August 4 23,087,494 13/273 1,099,404
Issuance of common stock on August 5 178,519
----------
August 5 - August 10 23,266,013 06/273 511,341
Issuance of common stock on August 11 349,091
----------
August 11 - September 30 23,615,104 51/273 4,411,613
---------- ----------
Weighted average shares 21,980,326
==========
22
Weighted-average shares for the three months ended September 30, 1999 is
calculated as follows:
Dates Shares Fraction Weighted
----- ------ -------- --------
Outstanding Outstanding of Period Average Shares
----------- ----------- --------- --------------
July 1 26,058,376 1/92 283,243
Exercise of options on July 2 35,307
----------
July 2-July 18 26,093,683 17/92 4,821,659
Issuance of common stock on July 19 1,215,000
----------
July 19-July 29 27,308,683 11/92 3,265,169
Issuance of common stock on July 30 3,992,501
----------
July 30-August 3 31,301,184 5/92 1,701,151
Exercise of stock options on August 4 14,250
----------
August 4-September 26 31,315,434 54/92 18,380,798
Issuance of common stock on September 27 510,204
----------
September 27-September 30 31,825,638 4/92 1,383,723
---------- ----------
Weighted average shares 29,835,744
==========
23
Weighted-average shares for the nine months ended September 30, 1999 is
calculated as follows:
Dates Shares Fraction Weighted
Outstanding Outstanding of Period Average Shares
----------- ----------- --------- --------------
January 1 - January 3 23,610,190 03/273 259,453
Retirement of common stock on January 4 (384,637)
----------
January 4 - January 18 23,225,553 15/273 1,276,129
Issuance of common stock on January 19 890,000
----------
January 19 - February 22 24,115,553 35/273 3,091,738
Issuance of common stock on February 23 50,130
----------
January 23 - March 2 24,165,683 08/273 708,152
Issuance of common stock on March 3 1,069,518
----------
March 3 - March 18 25,235,201 16/273 1,478,986
Exercise of options on March 19 811,500
----------
March 19 - April 4 26,046,701 17/273 1,621,956
Retirement of options on April 5 (29,229)
----------
April 5 - April 22 26,017,472 18/273 1,715,438
Issuance of common stock on April 23 20,823
----------
April 23 - June 8 26,038,295 47/273 4,482,783
Exercise of options on June 9 10,081
----------
June 9 - June 15 26,048,376 7/273 667,907
Exercise of options on June 16 10,000
----------
June 16 - July 1 26,058,376 16/273 1,527,231
Exercise of options on July 2 35,307
----------
July 2 - July 18 26,093,683 17/273 1,624,881
Issuance of common stock on July 19 1,215,000
----------
July 19 - July 29 27,308,683 11/273 1,100,350
Issuance of common stock on July 30 3,992,501
----------
July 30 - August 3 31,301,184 5/273 573,282
Exercise of options on August 4 14,250
----------
August 4 - September 26 31,315,434 54/273 6,194,262
Issuance of common stock on September 27 448,165
----------
September 27 - September 30 31,763,599 4/273 465,401
---------- ----------
Weighted average shares 26,787,949
==========
24
Three months ended Nine months ended
September 30, September 30,
-------------------------- --------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
Weighted-average shares: 29,835,744 23,363,430 26,787,949 21,980,326
Plus: Incremental shares from
assumed conversions of warrants
and options 1,036,530 1,182,472 952,304 1,319,693
---------- ---------- ---------- ----------
Adjusted weighted average shares 30,872,274 24,545,902 27,740,263 23,300,019
========== ========== ========== ==========
Income for EPS Computation Three months ended Nine months ended
September 30, September 30,
------------------ -----------------
1999 1998 1999 1998
------ ------- ------ ------
Income from continuing operations $1,380 $1,221 $6,585 $3,227
Preferred stock dividend
requirement 562 -- 858 --
------ ------ ------ ------
Income available to common
shareholders $ 818 $1,221 $5,727 $3,227
====== ====== ====== ======
The basic EPS computation is as follows:
Three months ended Nine months ended
September 30, September 30,
------------------ -----------------
1999 1998 1999 1998
------- ------ ------ -------
Income per common share - basic:
Total $0.03 $0.05 $0.21 $0.15
===== ===== ====== ======
The diluted EPS computation is as follows:
Three months Nine months
ended September 30, ended September 30,
------------------- -------------------
1999 1998 1999 1998
----- ----- ---- ----
Income per common share - diluted:
Total $0.03 $0.05 $0.21 $0.14
===== ===== ===== =====
The equation for computing (basic and diluted) EPS is:
Income available to common stockholders
---------------------------------------
Weighted-average shares
25