EXHIBIT 11.1
MAGINET CORPORATION
STATEMENT OF COMPUTATION OF NET LOSS PER SHARE
SIX MONTHS ENDED
YEARS ENDED DECEMBER 31, JUNE 30,
-------------------------------------- ------------------------
1993 1994 1995 1995 1996
----------- ----------- ------------ ----------- -----------
Historical primary net
loss per share:
Shares used in
calculation of net loss
per share:
Weighted average
common shares
outstanding.......... 263,569 271,084 291,163 282,694 306,951
Shares related to SAB
Nos. 55, 64, and 83:
Common Stock........ 188,911 188,911 188,911 188,911 188,911
Warrants............ 184,615 184,615 184,615 184,615 184,615
Stock Options....... 818,065 818,065 818,065 818,065 818,065
Preferred Stock, if
converted.......... 3,142,858 3,142,858 3,142,858 3,142,858 3,142,858
----------- ----------- ------------ ----------- -----------
4,334,449 4,334,449 4,334,449 4,334,449 4,334,449
----------- ----------- ------------ ----------- -----------
Total............. 4,598,018 4,605,533 4,625,612 4,617,143 4,641,400
=========== =========== ============ =========== ===========
Net loss................ $(3,379,000) $(7,926,000) $(12,796,000) $(5,385,000) $(7,326,000)
Net loss per share...... $ (0.73) $ (1.72) $ (2.77) $ (1.17) $ (1.58)
Pro Forma:
Shares used in
calculation of pro
forma net loss
per share:
Weighted average
common
shares outstanding... 291,163 306,951
Preferred stock, if
converted............ 7,766,020 7,766,020
Shares related to SAB
Nos. 55, 64 and 83:
Common Stock........ 188,911 188,911
Warrants............ 184,615 184,615
Stock Options....... 818,065 818,065
Preferred Stock,
if converted....... 3,142,858 3,142,858
------------ -----------
4,334,449 4,334,449
------------ -----------
Total............. 12,391,632 12,407,420
============ ===========
Net loss................ $(12,796,000) $(7,326,000)
Pro forma net loss per
share.................. $ (1.03) $ (0.59)