EXHIBIT 11.1
COMPUTATION OF NET LOSS PER COMMON SHARE
THREE MONTHS ENDED MARCH 31,
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1999 1998
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Net loss attributable to common
shareholders........................ $(1,484,986) $(1,536,761)
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Weighted average shares outstanding... 9,380,328 7,272,106
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Basic and diluted net loss per common
share................................. $(0.16) $(0.21)
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COMPUTATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
ACTUAL WEIGHTED
ISSUE DATE SHARES AVERAGE
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1998 Beginning Balance ......... 7,225,462 7,225,462
Option Exercise ................ 01/09/98 31,655 28,841
Option Exercise................. 01/13/98 3,876 3,359
Restricted Stock Award ......... 03/06/98 50,000 14,444
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March 31, 1998 Ending Balance 03/31/98 7,310,993 7,272,106
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1999 Beginning Balance ......... 9,379,209 9,379,209
Option Exercise ................ 03/26/99 20,144 1,119
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March 31, 1999 Ending Balance 03/31/99 9,399,353 9,380,328
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